Baker & McKenzie and its affiliated firm in Riyadh, Legal Advisors advised Evonik Industries on a SAR 1.4 billion JV in the Kingdom of Saudi Arabia to establish Saudi Acrylic Polymers Company for the production of superabsorbents.

The JV is with Saudi Acrylic Acid Company, itself a joint venture of the Saudi companies National Industrialization Company and Sahara Petrochemicals. The production facility with an annual capacity of 80,000 tonnes is scheduled to begin production in late 2013.

The transaction team was led by Riyadh Partner and Mr George Sayen head of the Gulf corporate practice, supported by a team in London led by Partner Mr Richard Blunt alongside Dusseldorf Partner Mr Joachim Drude and London Associate Mr Peter Richardson. Bahrain banking and finance Partners Mr Ian Siddell and Ms Caroline Long and associate Mr Sohaila Rahman are advising on financing related matters.

Mr George Sayen stated that "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."