09 August 2013 07:26 [Source: ICIS news]
by Pearl Bantillo
SINGAPORE (ICIS)--Clariant and Saudi Arabia’s National Industrialisation Co (TASNEE) have agreed to form a masterbatches joint venture in Saudi Arabia that will develop new solutions for the plastics markets, the Switzerland-headquartered speciality chemicals firm said on Friday.
Under the agreement, TASNEE, through its subsidiary Rowad National Plastic, will acquire a 40% stake in Clariant Masterbatches (Saudi Arabia) Ltd.
“The joint venture will be operational following completion of customary merger control clearance procedures and will keep its main focus on the Arabic peninsulas core market,” Clariant said in a statement.
Financial details of the deal were not disclosed.
Clariant Masterbatches has been in Saudi Arabia since 1993, with Rowad National Plastics among its long-standing customer, Clariant said.
“In addition to the existing operations the construction of a new plant for the production of white masterbatches has been decided,” Clariant said.
Clariant CEO Hariolf Kottmann said: “The link with TASNEE will also create additional value by facilitating access to feedstock. This partnership therefore represents another step in the implementation of our global growth strategy.”
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