Baker & McKenzie Advises Evonik Industries on Joint Venture to Establish Saudi Acrylic Polymers Company
23 August 2011
Riyadh, Saudi Arabia, 23 August 2011 – Baker & McKenzie and its affiliated firm in Riyadh, Legal Advisors, advised Evonik Industries on a joint venture in the Kingdom of Saudi Arabia to establish Saudi Acrylic Polymers Company (SAPCo) for the production of superabsorbents. The joint venture is with Saudi Acrylic Acid Company (SAAC), itself a joint venture of the Saudi companies National Industrialization Company (Tasnee) and Sahara Petrochemicals. The production facility with an annual capacity of 80,000 metric tons is scheduled to begin production in late 2013.
The transaction team was led by Partner and Head of the Gulf corporate practice, George Sayen (Riyadh) supported by Partner Richard Blunt and associate Peter Richardson (London); and partner Joachim Drude (Dusseldorf). Bahrain banking and finance Partners Ian Siddell and Caroline Long, and associate Sohaila Rahman, advised on financing-related matters.
Commenting on the transaction George Sayen stated, “Evonik Industries is an important and long-standing Baker & McKenzie client. We are privileged to have been involved in such a landmark transaction in the Kingdom and look forward to assisting Evonik Industries on future projects.”
Baker & McKenzie recently announced the opening of its fifth MENA office in Doha, Qatar, and has been active in the region since the mid-1970s, opening its Riyadh office in 1980, Cairo in 1985, Bahrain in 1998 and Abu Dhabi in 2009.