The specialty chemicals company LANXESS and Saudi Aramco plan to establish a joint venture for synthetic rubber detailed in an agreement signed today. LANXESS and Saudi Aramco subsidiary, Aramco Overseas Company, will each hold a 50 percent interest in the joint venture, with annual sales of approximately three billion Euro in 2014. Saudi Aramco is to pay approx. EUR 1.2 billion in cash for its 50 percent share after deducting debt and other financial liabilities. The total joint venture is valued at EUR 2.75 billion.
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