Mutares: Acquisition of Sabic’s Engineering Thermoplastics Business in the Americas and Europe

Mutares SE & Co. KGaA has signed an agreement to acquire Sabic’s Engineering Thermoplastics (ETP) business in the Americas and Europe. The agreed enterprise value amounts to approximately USD 450 million. Completion of the transaction is subject to customary regulatory approvals and is expected in the second half of 2026.

Measured by revenue, this represents the largest transaction in Mutares’ history to date. At the same time, the acquisition establishes a new strategic segment named “Chemicals & Materials.” Following closing, the ETP business is intended to serve as the core platform of this segment. It will be complemented by Venator Ultramarine Blue Pigments, which is already part of the portfolio. The objective is to build an independent division focused on specialty chemicals and advanced materials.

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The ETP business has resin production capacity of approximately 1,085 kilotonnes and compounding capacity of around 780 kilotonnes. It employs roughly 2,900 people and operates eight production sites in the Americas and Europe. Its product portfolio includes polycarbonates (PC), polybutylene terephthalate (PBT), and acrylonitrile butadiene styrene (ABS) in the form of resins and compounds. These products are marketed under well-established brands such as Lexan, Cycoloy, Valox, and Cyclolac. The business generates annual revenues of approximately USD 2.5 billion.

In its core markets, the ETP business holds a strong competitive position. It is regarded as the world’s second-largest producer of polycarbonates, the leading ABS manufacturer in the United States, and the only producer of PBT in the U.S. Its customer base is diversified across industries, with around 39 percent of revenue generated in the automotive sector, 20 percent in construction, 17 percent in consumer goods, 10 percent in electrical and electronics, and 3 percent in healthcare applications. Additional revenues are generated in industrial applications and water tanks, among others. Regionally, approximately 66% of sales are generated in the Americas and 34 percent in Europe.

With the planned acquisition, Mutares expands its portfolio to include an integrated, cross-regional platform in the field of engineering plastics. The existing production footprint, broad range of applications, and the ETP business’s research and development capabilities are intended to form the foundation for the establishment and further development of the new Chemicals & Materials segment.

Sabic classifies the transaction as part of its portfolio optimization program initiated in 2022, which is aimed at long-term and sustainable growth. Mutares views the acquisition as a key step toward diversification and the development of new industrial value chains.

More information: mutares.de, www.sabic.com

Mutares SE & Co. KGaA, Munich, Germany

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