ARLANXEO Olefins business officially sold to Mitsubishi
A sigh of relief for those involved in a transaction between ARLANXEO and a subsidiary of Mitsubishi Corporation after a deal officially closed.
The sale of Sarnia-based Olefins business to Diamond Petrochemicals Canada was announced in October 2020.
Head of Technical and Site Services Peter West confirmed Thursday that the deal closed last week.
“I think there’s a lot of relief,” he said. “It was a lot of hard work by a lot of different people and so we’re very happy to have that finalized.”
A press statement from ARLANXEO said all of its employees will transfer to Mitsubishi as operations of the Olefins unit will continue. West also said the deal will not affect the number of hours employees work.
As for whether or not additional hires will be made in the near future, West said that would be up to Mitsubishi to decide.
The ARLANXEO Butyl business was not included in the transaction and will continue operations as per usual.