Saudi Aramco buys remaining 50% stake in Arlanxeo for $1.6 bln

State-owned Saudi Aramco has acquired the remaining 50 percent stake in the rubber company Arlanxeo from specialty chemicals company Lanxess for $1.6 billion (1.4 billion euro).

All relevant antitrust authorities have granted the necessary approvals for the transaction announced in August 2018, Cologne-based Lanxess said in a statement on Monday.

Arlanxeo was founded on April 1, 2016, as a joint venture of Lanxess and Saudi Aramco. The company headquartered in Maastricht, Netherlands, generated sales of around 3.2 billion euros in 2017 and employs about 3,800 people at 20 production sites in nine countries.

The company produces high-performance rubber for use in automotive and tire industries, construction industry, and oil and gas industries.