Ciba, Astra sign antioxidant blends GCC JV

28 August 2008 13:56  [Source: ICIS news]

MUMBAI (ICIS news)--Ciba has signed a joint venture agreement with Saudi Arabia's Astra Polymers to produce and sell antioxidant blends to customers in the Gulf Cooperation Council (GCC) region, the Swiss specialty chemical producer said on Thursday. 

“Ciba is strengthening its position in the Middle East where the plastics industry is experiencing unprecedented growth,” the firm’s CEO Brendan Cummins said.

The two companies signed a letter of intent to study the feasibility of building an antioxidant plant in Saudi Arabia which will be completed in 2009, a source from the company told ICIS news.

Ciba will own 51% stake in the JV, to be called Ciba-Astra Additives Co, while Astra will hold the remaining share, he added.

The GCC is comprised of Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates.

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By: Aaron Rodrigues
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