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Saudi Savola plans to sell plastic unit

by ChemOrbis Editorial Team -
  • 12/11/2014 (12:53)
According to media sources, Saudi Arabia’s Savalo Group, which is the largest food product firm in Saudi Arabia, has been in talks with Takween Advanced Industries regarding the sale of their plastic unit, Savola Packaging Co, as the company aims to focus on their main sector of food and retailing.

Since this July, Savola and Takween have been in non-binding talks regarding Takween taking Savola’s entire stake in their plastic unit. Talks were initially to be concluded on November 11 but this period was extended in order to give both parties more time to mull over the details and negotiate. The new deadline for the non-binding agreement was set as December 31.
Savola recorded a 53.3% increase in their net profit in the third quarter.
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