18 October 2011 00:12 [Source: ICIS news]
HOUSTON (ICIS)--PolyOne plans to form a joint venture for a specialty concentrates plant in Saudi Arabia, the US-based polymer materials producer said on Monday.
PolyOne said it reached an agreement with EA Juffali & Brothers to form the joint venture, which will be 51% owned by PolyOne and will be based in Jeddah, Saudi Arabia.
“The joint venture will be investing in a new manufacturing facility focused on the production of specialty colour concentrates with the potential for expansion into other product lines in future phases,” PolyOne said in a statement.
“The initial investment is expected to be approximately $14m [€10m] and will take place over the next nine to twelve months with local production forecasted to come on line in late 2012,” the company added.
($1 = €0.72)
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