AVON LAKE, OHIO (Oct. 18, 9:55 a.m. ET) — North American compounding leader PolyOne Corp. has formed a joint venture to build a color concentrates plant in Jeddah, Saudi Arabia.
Avon Lake, Ohio-based PolyOne announced the move Oct. 17. The firm will own 51 percent of the JV, with the remainder owned by E.A. Juffali & Bros. Co. Ltd., an industrial conglomerate based in
The $14 million plant is expected to open in late 2012. Material made at the plant is expected to be sold within the
Juffali also is involved in joint ventures with
“Juffali brings local expertise and years of running successful businesses in the region, while PolyOne is providing the formulating technology and material science to market new, innovative solutions,” PolyOne Chairman, President and CEO Stephen Newlin said in a news release.
The announcement of the Saudi JV comes only two weeks after word of PolyOne's blockbuster deal to acquire global liquid color leader ColorMatrix Group for $486 million.