Resin and composites manufacturer Cook Composites and Polymers Co. of Kansas City, Mo., has entered into a joint venture with a leading Mexican resin producer, Reacciones Qu¡micas SA de CV of Monterrey. Under the terms of the deal, Cook acquires a 50 percent stake in the Mexican firm, which makes unsaturated polyester, alkyd and acrylic resins.
The agreement, described only as a ``multimillion-dollar'' transaction, gives Cook access to the Mexican market.
Reacciones also plans to build a $7 million facility in central Mexico to manufacture gel coats. The plant is scheduled to begin operations by the end of 1996.
The Mexican company, which employs 70, operates distribution centers in Mexico City and Guadalajara. It produces 20.9 million pounds of resins a year, mostly for domestic use in the construction, automotive, marine and paint industries. It sells some resins for use in the U.S. automotive industry through maquiladora units near the Mexican border city of Matamoros.
A spokesman said Reacciones' 1995 sales will dip about 2 percent in the face of Mexico's year-old currency devaluation crisis. The company, which is increasing exports to Central America, expects to record a 15 percent increase in value in U.S. dollars for 1995. Managing Director Patricio Cuerva said the joint venture will bring Reacciones new business and ``big growth.''
Cook's chief executive, Gilles Perrot, told The Kansas City Star the firm's Mexican investment is a strategic investment and said the company does not intend to import resins from Mexico.
Cook, which employs 650 at 13 plants in the United States and Canada, is a subsidiary of the French oil and petrochemical group Total Chimie. It produces resins used in ship hulls, automobile parts, bathtubs and sinks. The firm projects 1996 revenues of $300 million.