US-based PolyOne, specialising in polymer materials and providing related solutions and services, announced that it will expand its business of additives, inks and global colour in the Middle East through a joint venture with a company called E.A.Juffali & Brothers Company. According to the agreement, PolyOne will have a 51% ownership in the joint venture, which will be located in Jeddah, Saudi Arabia.
The joint venture will involve an initial investment of $14 million spread over a period of 9 to 12 months and local production is expected to commence by the second half of 2012. The joint venture will set up a new manufacturing facility, which will produce specialty colour concentrates initially. The facility will accommodate other product lines in the future. According to Stephen.D.Newlin, who is the CEO, Chairman and President of PolyOne, Juffali & Brothers’ expertise in the local business will compliment PolyOne’s advanced technology in material science and thus help in achieving growth in profits through a strong relationship between both the companies.
PolyOne, which is based in Cleveland, Ohio with operations across the world, had recently made an announcement that it will buy ColorMatrix Group, which specialises in innovating fluoropolymers, liquid colorants and additives. Juffali & Brothers is a well known group in Saudi Arabia, which has entered into strategic joint ventures with leading companies such as DuPont and Dow Chemical.
Source: http://www.polyone.com