Lockheed Martin and Saudi Basic Industries Corp. have agreed to establish a joint venture that will develop and sell carbon nanostructure materials and infused products to various industries in Saudi Arabia.
SABIC, a petrochemical manufacturer partly owned by the Saudi Arabian government, aims to expand into specialty-based markets by teaming up with Lockheed Martin, SABIC said Wednesday.
“We believe the combination of Lockheed Martin’s advanced nanotechnologies with SABIC’s premier capabilities will lead to exciting opportunities for innovative, new materials,” said Dale Bennett, Lockheed executive vice president for its mission systems and training business.
“As we partner with SABIC, Lockheed Martin is proud to expand our nearly 50 year relationship supporting the Kingdom’s people, industry, government and academia.”
Dan Heller, Lockheed’s Baltimore general manager and vice president for new ventures, and Ernesto Occhiello, SABIC executive vice president of technology and innovation, signed the partnership agreement Tuesday in Riyadh.
Carbon nanomaterials are formed through a cross-linking technique and designed to possess superior physical and conductive properties.