Specialized polymer product maker PolyOne Corp. said Monday it is forming a joint venture with Saudi Arabian conglomerate E.A. Juffali and Brothers Co. Ltd. so it can expand its business in the Middle East.
The venture will be based in Jeddah, Saudi Arabia, and will be 51-percent owned by PolyOne. It plans to invest around $14 million over the next year for a new manufacturing facility that will begin production in late 2012.
Juffali has similar joint ventures with Dow Chemical Co. and DuPont Co.
PolyOne shares fell 3.1 percent, or 35 cents, to close at $11.03. The announcement was made after the stock market closed.