Mutares has agreed to acquire the Engineering Thermoplastics Business in the Americas and Europe from SABIC in a $450m enterprise value transaction, marking the largest acquisition in Mutares’ history by revenues.

The deal, which is expected to close in the second half of 2026 subject to regulatory approvals, establishes a new Chemicals & Materials segment within Mutares. Upon completion, the engineering thermoplastics business will serve as the core platform of the segment, alongside Venator Ultramarine Blue Pigments.

The business generates approximately $2.5bn in annual revenues and operates an international production platform spanning eight sites across the Americas and Europe. It has resin production capacity of about 1,085 kilotonnes and compounding capacity of around 780 kilotonnes, employing roughly 2,900 full-time staff.

Its product portfolio includes polycarbonates, polybutylene terephthalate, and acrylonitrile butadiene styrene, sold under established brands such as LEXAN™, CYCOLOY™, VALOX™, and CYCLOLAC™. The business is the world’s second-largest producer of polycarbonate, the leading ABS producer in the US, and the only PBT producer in the country.

Abdulrahman Al-Fageeh, chief executive of SABIC, said: “This transaction is a continuation of our Portfolio Optimization Program, which we embarked on in 2022 to achieve long-term, sustainable growth and maximize value creation.”

Johannes Laumann, chief investment officer of Mutares, added: “The acquisition of the ETP Business from SABIC is a milestone in Mutares’ corporate development. It is not only the largest transaction in our history, but it also marks the launch of our new Chemicals & Materials segment.”

The transaction significantly expands Mutares’ exposure to specialty chemicals and advanced materials, underlining private equity’s continued appetite for industrial carve-outs with scale, strong market positions, and global production footprints.

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