MOSCOW (MRC) -- Saudi Basic Industries Corp. (SABIC) announced a restructuring to make itself more agile and cost-efficient, following a comprehensive review of the challenges facing the Middle East’s biggest petrochemicals company, said Hydrocarbonprocessing.
The new organizational structure should be in place by January 1, the company said in a statement Thursday. Sabic’s innovative plastics unit will be broken up and reallocated to other divisions, including chemicals and polymers and a new unit called specialties.
"The changes will enhance our global footprint to serve our customers locally while providing solutions globally," Yousef Abdullah Al-Benyan, acting vice chairman and CEO of SABIC , said in the statement.
"This reorganization will focus resources more intensively on the needs of each line," he added.
As MRC informed earlier, Pittsfield, Mass.-based Sabic IP tentatively announced the closing on Sept. 18.
SABIC bought General Electric's (GE) plastics unit in 2007 for USD11.6 billion. The company has access to the abundant sources of natural gas feedstock produced during oil extraction by state-owned Saudi Arabian Oil Co.
MRC