Ciba and Astra Polymers sign Joint Venture agreement on customer specific antioxidant blends in Middle East
August 28, 2008 | by Ciba
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August 28, 2008, Ciba Inc. has signed a Joint Venture (JV) agreement with Astra Polymers, Saudi Arabia, to produce and sell customer specific antioxidant blends to customers in Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the UAE. The joint venture company will be called Ciba- Astra Additives Company Limited and will be based in Saudi Arabia. At the same time, the two companies signed a letter of intent to study the feasibility of building an antioxidant plant in Saudi Arabia.
John Frijns, head of Ciba’s Industry Platform Plastics, said: “We are pleased to announce the JV with Astra Polymers, a company with an extensive network and excellent reputation throughout the Middle East region. Under this agreement, Ciba becomes the majority owner in the new JV company, which will produce and sell customer specific antioxidant blends to resin producers in the fast-growing Middle East region, and give us the base for future growth in the antioxidant market.”
“We are very happy to be building on our long-standing relationship with Ciba. The new joint venture will bring state-of-the-art technology to Saudi Arabia to meet the increasing technical requirements of the polymer industry in the region. This joint move with Ciba demonstrates our commitment to the fast-growing polymer industry in Saudi Arabia and the region,” said Mohammad N. Al-Utaibi, Managing Director of Astra Polymers.
Ciba CEO Brendan Cummins comments: “Ciba is strengthening its position in the Middle East where the plastics industry is experiencing unprecedented growth. Together with our well-established presence in Bahrain, the new joint venture company will serve customers throughout the region. As an additional step, in order to bring supply closer to our customers, we are evaluating the possibility of establishing an antioxidant production site in Saudi Arabia.”
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Source: Ciba, Press release