ARLANXEO Canada Inc. (“ARLANXEO”), a subsidiary of the Saudi Arabian Oil Company, and Diamond Petrochemicals Canada Corporation (“DPCC”), a subsidiary of Japan’s Mitsubishi Corporation (“Mitsubishi”) are pleased to announce the execution of an agreement between the companies, where ARLANXEO will sell its olefins business to Mitsubishi.

ARLANXEO's olefins business produces butadiene and raffinate, and is located at the Bio-Industrial Park Sarnia in Ontario, Canada.  Mitsubishi expects to continue operations in Sarnia, with existing olefins employees transferring from ARLANXEO to Mitsubishi.  While the olefins business no longer fits in with ARLANXEO’s strategic focus, ARLANXEO and Mitsubishi are confident that under Mitsubishi's ownership, the business will develop and grow in the future.

The transaction is subject to customary closing conditions, including required regulatory approvals. Closing is expected in 1st half 2021.

ARLANXEO is one of the world's largest producers of synthetic rubber and a wholly owned subsidiary of Saudi Aramco, a leading producer of the energy and chemicals. ARLANXEO, develops, produces and markets high-performance rubbers with sales of around EUR 3 billion in 2019 with a presence of more than 12 production sites in 9 countries, and 5 technology centers around the world. Its products are used for a wide range of applications: from the automotive and tire industries to the electrical, construction and oil and gas industries.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.
Mitsubishi Corporation has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, Mitsubishi Corporation’s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe.