DAMMAM: Saudi International Petrochemical Co. (Sipchem) Wednesday announced that its affiliate, Sipchem Marketing & Services Co. (SMSC), has acquired Aectra SA, a Swiss petrochemical trading and marketing company. Sipchem CEO Ahmad Al-Ohali and Aectra CEO Rene Fresco concluded the acquisition deal at the Atlantis hotel in Dubai on Wednesday.
Welcoming Aectra SA to the Eastern Province-based Sipchem family, Al-Ohali stressed that the acquisition was an important milestone for Sipchem. "Aectra SA gives Sipchem immediate access to experienced and proven marketing, logistics and trading expertise in the key European market," he said.
"Since Sipchem's manufacturing excellence and high-quality products are perfectly matched by Aectra SA's marketing, logistics and trading expertise, the two companies will deliver real value to their customers and will provide the Sipchem family with a powerful platform for future growth," Al-Ohali said.
Fresco described Aectra SA and Sipchem "a winning combination" and said that all members of the Aectra SA team were excited about working with Sipchem with a view to expanding the customer base and providing excellent service to all customers, big and small, throughout Europe.
Established in 1995, Aectra SA is located in Lutry, Switzerland. Fresco, its CEO, has nearly 30 years' experience in European trading and logistics.
Aectra SA has an established network of agents and customers throughout Europe, and enjoys good professional relationships with major producers. Its employees have proven experience in European logistics.
Established in December 1999, Sipchem actively develops and invests in petrochemical and chemical industries, both basic and intermediate products used to manufacture a multitude of end-products. Through its five operating affiliates, Sipchem currently produces about 2.2 million of chemicals.
© Arab News 2011
