By: PLASTICS & RUBBER WEEKLY
August 9, 2013
Specialty chemicals producer Clariant International Ltd. and Tasnee & Sahara Olefins Co., one of the largest industrial conglomerates in Saudi Arabia, today announced they have signed an agreement to establish a masterbatch joint venture in Saudi Arabia.
Tasnee will acquire a 40 percent stake in Clariant's masterbatches operations in the country, already operating under the name Clariant Masterbatches Saudi Arabia.
Clariant CEO Hariolf Kottmann said: "Clariant will contribute a high level of specialist know-how to the new company, whereas Tasnee has in-depth knowledge of the relevant regional markets, which will deliver major benefits to our clients."
Saleh Alnazha, CEO of Tasnee, said: "By this joint venture, Tasnee will enter into the important business of masterbatches which will create further opportunities for serving the downstream plastic industry in the Middle East region."