PolyOne-Juffali to set up Saudi JV
Cleveland, October 19, 2011
PolyOne Corporation, a premier global provider of specialised polymer materials, services and solutions, has announced an agreement with E A Juffali & Brothers Company to form a joint venture in Saudi Arabia.
The joint venture will enable PolyOne to expand its global colour, additives and inks business into the Middle East.
The new joint venture will be 51 per cent owned by PolyOne and will be based in Jeddah, Saudi Arabia.
"I am pleased to announce our new agreement, which strengthens our relationship with a key business partner to drive profitable growth in the Middle East," said Stephen D Newlin, chairman, president and chief executive officer of PolyOne. "Juffali brings local expertise and years of running successful businesses in the region, while PolyOne is providing the formulating technology and material science to market new, innovative solutions."
The joint venture will be investing in a new manufacturing facility focused on the production of specialty colour concentrates with the potential for expansion into other product lines in future phases. The initial investment is expected to be approximately $14 million and will take place over the next nine to 12 months with local production forecasted to come on-line in late 2012.
The agreement follows PolyOne's October 3, 2011 announcement that it will acquire ColorMatrix Group, a leading global innovator of additives, liquid colorants and fluoropolymers.
US-based PolyOne Corporation, with 2010 revenues of $2.6 billion, is a premier provider of specialised polymer materials, services and solutions. - TradeArabia News Service
More Industry, Logistics & Shipping Stories
- Gulf Extrusions unveils key techniques at Italy show
- Tata Steel rules out EU assets sale
- Egyptian firm Maridive inks $150m Islamic loan
- GPIC marks work safety milestone
- Sabic unveils green plastics for construction
- Sabic opens new facilities in Jubail
- Asry plans multimillion dollar floating dock
- TNT unveils new communication unit in Oman
- Hilco plans sale of seafood unit equipment
- Alessa unveils Qatar expansion plans