Through a definitive agreement, Saudi Arabian Basic Industries Corporation (SABIC) will buy for $700 million in cash Huntsman Corporation’s European base chemicals and polymers business. The transaction helps Huntsman to narrow it pension liabilities in the UK by about $126 million. Excluded from the purchase are Huntsman’s pigments division in Teeside and its aniline and nitrobenzene operations of its polyurethanes division in Wilton. Separately, Huntsman has switched its production of MDI (diphenylmethane diisocyanate) – a polymer used for making rubber shoe soles, among other things – to commercial operation.