Lanxess has announced plans to sell its remaining 50 % stake in ARLANXEO to its joint venture partner Saudi Aramco.
The two companies founded ARLANXEO in 2016 as a 50:50 partnership for synthetic rubber.
They signed an agreement Wednesday that is still subject to approval by relevant antitrust authorities.
The total joint venture is valued at EUR 3.0-billion with Lanxess expecting to receive about EUR 1.4-billion in cash after debt and other financial liabilities are deducted for its 50 % share.
It's expected the transaction will be complete by the end of this year.
Based in the Netherlands, ARLANXEO employs about 3,800 people at 20 production sites in nine countries.
According to the Sarnia-Lambton Economic Partnership, there are 350 full time employees at ARLANXEO's Vidal St. S plant.