BRENNTAG
Majority stake in regional Saudi distributor Al-Azzaz
 Expansion to the Persian Gulf, home to the water tower in Al-Kohbar, Saudi Arabia (Photo: Pexels, Haya K) |
German chemical distributor Brenntag (Essen; www.brenntag.com) plans to expand in the Middle East by taking a major stake in its Saudi competitor Al-Azzaz Chemicals (Al-Khobar; www.alazzaz.com).
Brenntag seeks to control 75% of Al-Azzaz Chemicals as part of a joint venture initiated through its subsidiary Trychem FZCO (Dubai, UAE). The outstanding shares are to remain in the hands of the Al-Azzaz family. The transaction is expected to close by August 2022. No financial details were disclosed.
Al-Azzaz Chemicals reported sales of EUR 25 mn in 2021. In addition to its headquarters in Al-Khobar, the company said it operates two more offices in the region in Riyadh and Jeddah and thus covers the entire Persian Gulf. It sells chemicals for the food and pharmaceutical industries, and plastics and additives for the petrochemical industry.
Brenntag seeks to control 75% of Al-Azzaz Chemicals as part of a joint venture initiated through its subsidiary Trychem FZCO (Dubai, UAE). The outstanding shares are to remain in the hands of the Al-Azzaz family. The transaction is expected to close by August 2022. No financial details were disclosed.
Al-Azzaz Chemicals reported sales of EUR 25 mn in 2021. In addition to its headquarters in Al-Khobar, the company said it operates two more offices in the region in Riyadh and Jeddah and thus covers the entire Persian Gulf. It sells chemicals for the food and pharmaceutical industries, and plastics and additives for the petrochemical industry.
15.06.2022 Plasteurope.com [250480-0]
Published on 15.06.2022
German version of this article...