27 November 2012 11:24 [Source: ICIS news]
SINGAPORE (ICIS)--Dubai-based MEGlobal will introduce a new grade of polyethylene terephthalate (PET) that is aimed at replacing the polycarboate (PC) material used to make food packaging, the company's CEO Ramesh Ramachandran said on Tuesday.
The company expects to push this new PET product into the market by the third quarter of next year, Ramachandran told ICIS on the sidelines of the 7th GPCA forum in Dubai.
"It [the product] is with customers right now so we should see strong commercialisation in the third quarter [of 2013], he said.
Ramachandran said that the company is targeting Europe as the key market to introduce this new PET product.
"The traditional PET molecule in Europe is not going to be profitable with the way the market is right now. It’s a very challenged region where already supply exceeds demand," he added.
Further details of the new PET product were not immediately available.
MEGlobal is a joint venture between Dow Chemical and Petrochemical Industries Co (PIC) of Kuwait and was set up in 2004.
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