New Middle
East joint venture
PolyOne Corporation has
formed an agreement
with EA Juffali & Brothers
Company Limited to form
a joint venture that will
enable PolyOne to ex-
pand its color, additives
and inks business into the
Middle East. The new joint
venture will be 51 percent
owned by PolyOne and
is to 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 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 nine to twelve
months with local
production forecast
for late 2012.
The agreement follows
PolyOne’s announcement
that it will acquire
ColorMatrix Group,
a global producer of
additives, liquid colorants
and fluoropolymers.
wiredInUSA - November 2011
24
