CLEVELAND, Oct. 17, 2011 /PRNewswire-FirstCall/ -- PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, today announced an agreement with E.A. Juffali & Brothers Company Limited to form a joint venture that will enable PolyOne to expand its Global Color, Additives and Inks business into the Middle East. The new joint venture will be 51% owned by PolyOne and will be based in Jeddah, Saudi Arabia.
"I am pleased to announce our new agreement, which strengthens our relationship with a key business partner to drive profitable growth in the Middle East," said Stephen D. Newlin, chairman, president and chief executive officer of PolyOne. "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."
The joint venture will be investing in a new manufacturing facility focused on the production of specialty color concentrates with the potential for expansion into other product lines in future phases. The initial investment is expected to be approximately $14 million and will take place over the next nine to twelve months with local production forecasted to come on-line in late 2012.
The agreement follows PolyOne's October 3, 2011 announcement that it will acquire ColorMatrix Group, a leading global innovator of additives, liquid colorants and fluoropolymers.
About PolyOne
PolyOne Corporation, with 2010 revenues of $2.6 billion, is a premier provider of specialized polymer materials, services and solutions. Headquartered outside of Cleveland, Ohio USA, PolyOne has operations around the world. For additional information on PolyOne, visit our Web site at www.polyone.com.
About E.A. Juffali & Brothers Company Limited
E.A. Juffali & Brothers Company Limited is an established conglomerate in Saudi Arabia participating in numerous joint venture relationships with multi-national companies who are leaders in their respective industries such as Dow Chemical and DuPont.
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Forward-looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. They are based on management's expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales. Factors that could cause actual results to differ materially from those implied by these forward-looking statements include, but are not limited to: disruptions, uncertainty or volatility in the credit markets that could adversely impact the availability of credit already arranged and the availability and cost of credit in the future; the financial condition of our customers, including the ability of customers (especially those that may be highly leveraged and those with inadequate liquidity) to maintain their credit availability; the speed and extent of an economic recovery, including the recovery of the housing and chlor-alkali markets; our ability to achieve new business gains; the effect on foreign operations of currency fluctuations, tariffs, and other political, economic and regulatory risks; changes in polymer consumption growth rates where we conduct business; changes in global industry capacity or in the rate at which anticipated changes in industry capacity come online; fluctuations in raw material prices, quality and supply and in energy prices and supply; production outages or material costs associated with scheduled or unscheduled maintenance programs; unanticipated developments that could occur with respect to contingencies such as litigation and environmental matters; an inability to achieve or delays in achieving or achievement of less than the anticipated financial benefit from initiatives related to working capital reductions, cost reductions, employee productivity goals and our new global organization structure; an inability to raise or sustain prices for products or services; an inability to maintain appropriate relations with unions and employees; the inability to achieve expected results from our acquisition activities; and other factors affecting our business beyond our control, including, without limitation, changes in the general economy, changes in interest rates and changes in the rate of inflation. The above list of factors is not exhaustive.
We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to consult any further disclosures we make on related subjects in our reports on Form 10-Q, 8-K and 10-K that we provide to the Securities and Exchange Commission.
SOURCE PolyOne Corporation
