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