Allen & Overy advises Saudi Aramco on the establishment of a joint venture in the synthetic rubber segment with Lanxess
22 September 2015
Allen & Overy LLP advises Saudi Arabian Oil Company (Saudi Aramco), the largest oil and energy group worldwide, on the establishment of a joint venture in the synthetic rubber segment. Saudi Aramco will hold a 50% stake in the joint venture company with specialty chemicals company Lanxess contributing its business divisions Tire & Speciality Rubbers and High Performance Elastomers.
These divisions comprise 3,700 employees at 20 production facilities and four research centres in Europe, Asia and the Americas. The joint venture will be globally active in the development, production and sale of synthetic rubber. Synthetic rubber is in particular used in the tire and automotive industry. The transaction is subject to clearance by the competent cartel authorities and is expected to close in the first half of 2016.