Saudi Aramco and LANXESS announce the executive team of their joint venture, ARLANXEO
Saudi Aramco and specialty chemicals company LANXESS announced the members of the Executive Board of ARLANXEO, their previously announced 50:50 synthetic rubber joint venture.
Both companies will have equal representation on the Board consisting of four members. LANXESS will be represented by Jan Paul de Vries, who will assume the position of Chief Executive Officer (CEO), and Jorge Nogueira, who will become member of the Executive Board. Saudi Aramco will be represented by Ali Ba-Baidhan and Fayez Alsharef who will become Chief Financial Officer and Chief Procurement Officer, respectively. In addition, Johan Gerrese from Saudi Aramco will become ARLANXEO’s General Counsel and Secretary.
Abdulrahman Al-Wuhaib, Senior Vice President Downstream, Saudi Aramco said: “We are pleased to confirm these senior appointments of proven and respected leaders. I am confident they will serve ARLANXEO and its global customers well.”
“ARLANXEO will be provided with a strong, international executive team who will bring the respective skills of both partner companies in an ideal manner. Thus, we have created the best possible conditions to position ARLANXEO as a reliable partner for its customers, as an attractive employer and as a strong brand in the global synthetic rubber market,” said Matthias Zachert, Chairman of the Board of Management of LANXESS AG and future Chairman of the Shareholders’ Committee of ARLANXEO.
The headquarters of ARLANXEO will be in Maastricht, Netherlands.
On September 22, 2015, Saudi Aramco and LANXESS signed an agreement to create a 50:50 joint venture for the development, production, marketing, sale and distribution of synthetic rubber used in the global tire industry, auto-parts manufacturing and a wide range of other applications.
As the antitrust approval process was completed earlier than expected, ARLANXEO will already launch on April 1, 2016.
Source: Saudi Aramco
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