Saudi petchems giant Sabic is selling its Polymershapes distribution business to US investment firm Blackfriars for an undisclosed sum. Polymershapes is the world’s largest distributor of plastic sheet, rod, tube and film.

While Polymershapes “has been profitable for Sabic,” says CEO Yusuf al-Binyan, it “no longer complements our core strategy.” Last year Sabic began shaking up its plastics business to focus on specialty chemicals rather than commodity plastics...