BASF subsidiary to partner JV to boost business with PU customers in the Gulf

19-May-08
In a bid to meed demand from the strongly growing market of polyurethane applications in the Arabian Peninsula, BASF plans to boost its business with polyurethane (PU) customers in the Gulf region, with the formation of a JV. BASF subsidiary Elastogran and the Kanoo Group have agreed to create a joint venture 49:51 JV under the operational lead of Elastogran. This joint venture will acquire the polyurethane business of Multi Chemical Est. in Abu Dhabi from the Al Hamid Group by end of May 2008. The transaction is subject to approval by the relevant authorities. Multi Chemical Est. has a turnover of around US$20 mln in the PU business in 2007. Founded in 1995, the company is one of the leading system houses in the region. The JV partners plan to construct a new polyurethane system house in Dubai Industrial City. Construction is to commence in mid-2008, with production to commence in 2010. Sandwich elements, insulating boards and spray foam are ideal products for energy-efficient and uncomplicated constructions, both in the industrial and in the private housing sector. Elastopor® H offers well-established applications for the construction sector.
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