Specialty polymer materials maker PolyOne Corporation ( POL ) and its joint venture partner E.A. Juffali & Brothers Limited have officially opened their new production plant in Jeddah, Kingdom of Saudi Arabia.
The new facility will initially produce specialty color concentrates with a potential for future expansion into other product lines. It will greatly benefit customers in the Middle East through local access to world-class specialty polymer colorants.
The opening of the new plant represents an expansion of the long-standing collaboration between PolyOne and Juffali. The companies formed the joint venture -Juffali PolyOne Masterbatch Co. Ltd. - in Oct 2011.
PolyOne offered its formulation technology and material science to the joint venture while Juffali brought its local expertise in the region. Opening of the facility represents yet another significant instance of PolyOne's "invest to grow" strategy and reinforces its ability to offer grater value to its customers.
PolyOne is a leading provider of specialized polymer materials, services and solutions. It has annual sales of $3 billion and operations around the world.
PolyOne released its fourth-quarter 2012 results in Jan 2013 with adjusted earnings of 21 cents per share matching the Zacks Consensus Estimate. Profit, as reported, fell to $3.1 million or 3 cents per share from $12.3 million or 13 cents per share a year ago. Revenues rose 6% year over year to $679.4 million in the quarter, beating the Zacks Consensus Estimate of $663 million.
PolyOne made several achievements in 2012, including the successful integration of ColorMatrix, a deal to acquire of Spartech and the completion of the Glasforms buyout.
PolyOne currently maintains a Zacks Rank #3 (Hold).
Other companies in the chemical-plastics space with favorable Zacks Rank are Tredegar Corp. ( TG ), Westlake Chemical Corp. ( WLK ) and Landec Corp. ( LNDC ). While Tredegar and Westlake retain a Zacks Rank #1 (Strong Buy), Landec holds a Zacks Rank #2 (Buy).
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