PolyOne forms Middle East additives joint venture
Specialty polymer materials, services and solutions provider PolyOne has agreed to form a joint venture with E.A. Juffali & Brothers Co. that it says will enable the expansion of its global color, additives and inks business into the Middle East.
The new joint venture will be 51% 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, CEO 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 color 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 9-to-12 months, with local production forecasted to come on-line in late 2012.
The agreement follows PolyOne's October 3 announcement that it will acquire ColorMatrix, a leading global innovator of additives, liquid colorants and fluoropolymers.
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