Munich-headquartered private equity firm Mutares has agreed to acquire the Engineering Thermoplastics (ETP) business in the Americas and Europe from SABIC for $450 million. The transaction, expected to close in the second half of 2026, is the largest acquisition in Mutares’ history by revenue and establishes a new Chemicals & Materials segment.
The ETP business generates about $2.5 billion in annual revenue, employs roughly 2,900 people, and operates eight production facilities across the Americas and Europe. The business is the world’s second-largest producer of polycarbonate (PC), the leading acrylonitrile butadiene styrene (ABS) producer in the United States and the sole producer of polybutylene terephthalate (PBT) in the United States. ETP is managed through regional headquarters in Houston for the Americas and Amsterdam for Europe.
SABIC is majority owned by Saudi Aramco and operates manufacturing and technology centers worldwide, making it one of the world’s largest diversified chemicals companies.
Mutares acquires companies in special situations, including carve-outs and restructurings, and seeks to improve operations before exiting its investments. The firm is publicly traded in Germany and maintains offices across Europe, North America, and Asia. Following the opening of a new office in Chicago last year, Mutares has continued to build its presence in North America and last week announced the platform acquisition of Greer Steel Company, an Ohio-based provider of cold rolled strip steel.
