PolyOne Corporation (NYSE: POL), a premier global provider of specialised polymer materials, services and solutions, today announced that Juffali PolyOne Masterbatch Co. Ltd., a joint venture between PolyOne Corporation and E.A. Juffali & Brothers Limited, has opened their new production facility in Jeddah, Kingdom of Saudi Arabia. This new facility will help customers in the Middle East innovate and grow via local access to world-class specialty polymer colorants.
The opening of the new production facility is a logical extension of nearly 30 years of cooperation between the two companies, which became even stronger in October of 2011, when PolyOne and Juffali announced formation of the Juffali PolyOne Masterbatch joint venture. Juffali brings its local expertise in the region to the venture, and PolyOne provides its formulation technology and material science. The opening of this new facility was celebrated today in Jeddah with customers, local officials and senior leadership of both joint venture partner companies.
Stephen D. Newlin, chairman, president and chief executive officer, PolyOne Corporation, commented, "The official opening of our new production facility in Jeddah solidifies our ability to bring enhanced value and improved collaboration for our current and future customers. This is yet another great example of our 'invest to grow' strategy, which has proven to add value for our customers, shareholders and associates."
Walid Juffali, chairman of E.A. Juffali & Brothers, agreed, adding, "My company has a respected history in the region, and we are happy to have taken this important next step in our long and successful cooperation with PolyOne. Launching this new facility is a tremendous accomplishment, and our customers in the region will benefit greatly from our efforts."
The new facility is focused on the production of specialty color concentrates and has the potential for expansion into other product lines in future phases.