Mutares has completed its acquisition of SABIC's engineering thermoplastics business in the Americas and Europe for $450 million in enterprise value. The transaction, the largest in Mutares' history, establishes a new strategic division called chemicals and materials, operating as NexPoint Materials. The acquired business runs approximately 1,085 kilotonnes of resin production capacity and 780 kilotonnes of compounding capacity across eight facilities in the Americas and Europe.

It employs about 2,800 full-time staff and generates roughly $2.5 billion in annual revenue, with 66 percent from the Americas and 34 percent from Europe. The business supplies polycarbonate, polybutylene terephthalate, and acrylonitrile butadiene styrene resins and compounds under established brands including Lexan, Cycoloy, Valox, and Cycolac. Automotive customers account for 39 percent of revenue, followed by building and construction at 20 percent.

Mutares said the business is the world's second-largest polycarbonate producer, the leading ABS manufacturer in the US, and the country's only PBT producer.