13 December 2011 17:27 [Source: ICIS news]
Maurizio Butti, Songwon’s chief operating officer, said the plants will produce dust-free packages of polymer additives, known as ‘one pack’ additives.
The move follows Songwon’s acquisition of Additives Technology Greiz, also announced on Tuesday. Additives Technology Greiz produces one pack additives and has a 6,500 tonne/year manufacturing plant in
Songwon, Saudi company Pan Gulf Holding and Abu Dhabi-based Polysys Industries have signed a memorandum of understanding to create a joint venture company which will have control of Additives Technology Greiz, as well as manufacturing and commercial joint ventures in the
Songwon will own 60% of the new joint venture company, named Songwon Additive Technologies, while Pan Gulf Holdings and Polysys Industries will together own 40%, Butti said. He was speaking on the sidelines of the Sixth Annual GPCA (Gulf Petrochemicals & Chemicals Association) Forum in
The Saudi and
The Middle Eastern projects will help meet growing demand for one pack polymer additives in the region. The market for one pack additives is estimated at 30,000-40,000 tonnes/year in the
Songwon Additive Technologies also intends to expand the Greiz production of one pack additives from 6,500 to approximately 10,000 tonnes/year, Butti said. The new production is expected to come onstream in May 2012.
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