Only on Che.com :: Latest News
August 9, 2013
Clariant and Tasnee establish masterbatches JV in Saudi Arabia
Clariant (Muttenz, Switzerland; www.clariant.com) and Tasnee (www.tasnee.com), one of the largest industrial conglomerates in Saudi Arabia, today announced the signing of an agreement to establish a masterbatches joint venture (JV) in Saudi Arabia.
Within the framework of the agreement, through its 100% subsidiary Rowad National Plastic Company Ltd. (www.rowadplastic.com), Tasnee will acquire a 40% stake in Clariant’s masterbatches operations in the country, already operating under the name Clariant Masterbatches (Saudi Arabia) Ltd. The JV will be operational following completion of customary merger-control-clearance procedures and will keep its main focus on the Arabic peninsulas core market.
Clariant Masterbatches (Saudi Arabia) Ltd. is a market leader and a pioneer in the region, with masterbatches production already started in 1993. Rowad National Plastic Company Ltd is a regional leader in plastic conversion, and is a long-standing customer of Clariant Masterbatches. Together, the companies will be able to develop new solutions for the plastics market. In addition to the exisiting operations the construction of a new plant for the production of white masterbatches has been decided.
“Our strategic partnership with Tasnee and the formation of the joint venture represent a first essential step for Clariant in strengthening its presence in one of the most important growth regions of the world. 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. 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”, says Clariant CEO Hariolf Kottmann.