RIYADH: Saudi Basic Industries Corporation (SABIC) has been named among the winners of the annual Edison Awards, which honor the world’s most innovative new products, services and business leaders.
The awards are named after Thomas Alva Edison, whose inventions, product development methods, and innovative achievements helped to change the world. The Edison Awards are run by Edison Universe and have been held since 1987.
“We were very impressed by the level of collaboration and discovery in this year's entries,” said Edison Universe executive director Frank Bonafilia. “Somehow, while facing the unprecedented challenges of this global pandemic, companies around the world figured out how to work safely and smartly and still innovate at an award-winning level.”
SABIC was honored for introducing a new type of material that has exceptional chemical resistance capabilities needed to enhance the durability of medical devices and equipment housings.
This material technology can help prevent premature part failure from environmental stress cracking due to increasingly aggressive disinfectants used to combat COVID-19 infections.
“Our new LNP ELCRES CRX copolymers offer device manufacturers an easier, drop-in alternative to conventional resins that experience challenges in withstanding repeated cleanings with extremely harsh disinfectants,” said Darpan Parikh, SABIC’s global product management leader of LNP specialty compounds, when the product was launched late last year.
“By adopting our new copolymers, which offer robust resistance to crazing, cracking and discoloration, customers can help enable longer device life and avoid premature replacement. Based on the exceptional performance of these new materials in healthcare applications, SABIC is actively exploring additional grades for other industry sectors where chemical exposure is a challenge.”
Following a comprehensive review by the Edison Awards steering committee, winners are selected by 3,000 innovation leaders from the fields of product development, design, engineering, science, marketing and education, including professional organizations representing a variety of industries.
SABIC won the silver award in the sanitizing agents category, part of the COVID-19 Innovations section. This year's winners represent 119 companies in 15 different countries.
In February, SABIC moved up one place to become the world’s second most valuable brand in the chemicals industry, according to the 2021 Chemicals 25 and Global 500 reports published by Brand Finance.
“We are proud of our improved ranking,” said Yousef Al-Benyan, SABIC vice chairman and CEO. “It is a significant step in our mission to become the preferred world leader in chemicals and reflects the ever-growing positive perception of SABIC among our customers and other stakeholders. It is a clear confirmation of the strategy we have defined to position SABIC as a leading global chemical brand. Building a strong global brand is integral to our core objectives and aligns with our growth ambitions. It enables our business strategy and enhances our resilience.”
According to Brand Finance, the SABIC brand was valued at $4.02 billion and was beaten by Germany’s BASF, valued at $7.29 billion.