乐天堂fun88(中国区)官方网站 takes majority share in Saudi polyurethanes joint venture
Brussels, Belgium 鈥� 乐天堂fun88(中国区)官方网站 Corporation (NYSE:聽 HUN) and Basic Chemical Industries Limited (BCI) today announced they have signed an agreement to transfer majority ownership in the two companies鈥� existing Arabian Polyol Company (APC) joint venture in Saudi Arabia from BCI to 乐天堂fun88(中国区)官方网站.聽 Financial arrangements were not disclosed.
The joint venture manufactures and sells MDI-based polyurethane systems in the Gulf countries and will be re-named 乐天堂fun88(中国区)官方网站 APC.
鈥淭his increase in our shareholding demonstrates 乐天堂fun88(中国区)官方网站鈥檚 determination to bring new investment to emerging markets,鈥� said Nick Webster, Vice President of 乐天堂fun88(中国区)官方网站鈥檚 Polyurethanes division in Europe and the Middle East. 鈥淐onstruction in the Gulf countries continues to grow at about 15% per year and BCI鈥檚 local skills and leadership in chemicals will continue to be invaluable to us as we further develop and innovate in this important market,鈥� he added.
鈥淥ur joint venture with 乐天堂fun88(中国区)官方网站, a world leader in MDI-based polyurethanes, has operated very successfully for more than 20 years and we warmly welcome this demonstration of 乐天堂fun88(中国区)官方网站鈥檚 accelerated commitment to growth opportunities in the Gulf region,鈥� said Mike Layous, Managing Director of BCI.
乐天堂fun88(中国区)官方网站 APC will be based at the existing Dammam site on Saudi Arabia鈥檚 east coast, supported by a 乐天堂fun88(中国区)官方网站 sales office in Dubai.
乐天堂fun88(中国区)官方网站 is a global manufacturer and marketer of differentiated chemicals.聽 Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, 乐天堂fun88(中国区)官方网站 today has 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
BCI, Basic Chemicals Industry Group, located in Dammam, Saudi-Arabia, is a producer and distributor of more than 600 chemical products in the inorganic and specialties segments (hydrochloric acid, adhesives, polyurethanes, water treatment, resins etc.). The Group has 400 employees and an annual turnover of $ 150 million. BCI was established in 1975 as乐天堂fun88(中国区)官方网站 is a global manufacturer and marketer of differentiated chemicals.聽 Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, 乐天堂fun88(中国区)官方网站 today has 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion.
BCI, Basic Chemicals Industry Group, located in Dammam, Saudi-Arabia, is a producer and distributor of more than 600 chemical products in the inorganic and specialties segments (hydrochloric acid, adhesives, polyurethanes, water treatment, resins etc.). The Group has 400 employees and an annual turnover of $ 150 million. BCI was established in 1975 as
Statements in this release that are not historical are forward-looking statements. These statements are based on management鈥檚 current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company鈥檚 operations, markets, products, services, prices and other factors as discussed in the 乐天堂fun88(中国区)官方网站 companies鈥� filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors.聽 In addition, the completion of any transactions described in this release is subject to a number of uncertainties and to negotiation and execution of definitive agreements among the parties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactiStatements in this release that are not historical are forward-looking statements. These statements are based on management鈥檚 current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company鈥檚 operations, markets, products, services, prices and other factors as discussed in the 乐天堂fun88(中国区)官方网站 companies鈥� filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors.聽 In addition, the completion of any transactions described in this release is subject to a number of uncertainties and to negotiation and execution of definitive agreements among the parties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transacti