Riyadh – Mubasher: Saudi Basic Industries Corp (SABIC) on Tuesday announced a new restructuring plan to achieve the Saudi Vision 2030.
The plan includes boosting the company’s performance efficiency, increase its competitive ability on the global level to be more flexible to face the rapid variables in the business environment.
Under the new plan, the polymers and chemicals sectors will be merged in a single strategic business unit (SBU) to enhance performance and focus on basic petrochemicals, Alriyadh newspaper reported on Tuesday.
The company will also set up a new unit to define strategies and develop businesses, potential mergers, acquisitions, and joint ventures required for growth.
SABIC will also merge its metals SBU with its subsidiary Saudi Iron & Steel Company (HADEED) and separate its project and engineering management business from shared services.
