PolyOne, E A Juffali form joint venture in Middle East

PolyOne, E A Juffali form joint venture in Middle East

10:44 PM, 17th October 2011
PolyOne, E A Juffali form joint venture in Middle East
Stephen D Newlin, Chairman, President and CEO, PolyOne.

 

CLEVELAND, US: PolyOne Corporation has agreed with E A Juffali & Brothers Company Ltd to form a joint venture that 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.

“The new agreement strengthens our relationship with a key business partner to drive profitable growth in the Middle East. Juffali brings local expertise, while PolyOne is providing the formulating technology and material science to market new, innovative solutions,” said Stephen D Newlin, Chairman, President and CEO, PolyOne.

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 twelve 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 colourants and fluoropolymers.

(C) WOC News

 

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