PolyOne partners with Juffali to boost Middle East sales
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastIn a move to expand its business in the Middle East, specialty polymer supplier PolyOne Corporation is forming a joint venture with Saudi Arabian conglomerate E.A. Juffali & Brothers Co. Ltd.
In a move to expand its business in the Middle East, specialty polymer supplier PolyOne Corporation is forming a joint venture with Saudi Arabian conglomerate E.A. Juffali & Brothers Co. Ltd.
The new joint venture will be 51 per cent owned by PolyOne and will be based in Jeddah, Saudi Arabia.
“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,” said Stephen D. Newlin, PolyOne’s chairman, president and CEO.
According to PolyOne, 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 US$14 million and will take place over the next nine to twelve months with local production forecasted to come on-line in late 2012.
It’s been a busy month for PolyOne: The agreement follows the Avon Lake, Ohio-based company’s October 3, 2011 announcement that it will acquire ColorMatrix Group, a leading global innovator of additives, liquid colorants and fluoropolymers.
