Saudi Arabian Fertilizer Company, the first petrochemical company in Saudi Arabia, agreed to acquire SABIC Agri-Nutrients Investment Company, a provider of a variety of agri-nutrient products, from SABIC, a Saudi diversified manufacturing company, for $1.3bn. "The agreement, which is binding and subject to regulatory approvals, comes as a result of a shared vision to improve efficiencies through realization of synergies and maintaining a competitive edge in global markets. It is an important step in the journey toward meeting 2025 strategic targets, and is expected to accelerate Agri-Nutrients growth strategy, while increasing efficiency and maintaining customer intimacy," Yousef Al-Benyan, SABIC Vice Chairman and CEO.