Elastogran / Kanoo: Joint Venture in the Gulf Region
The BASF subsidiary Elastogran, Lemförde, Germany, and the Kanoo Group, Dubai, VAE, have agreed to create a joint venture (Elastogran 49 %, Kanoo 51 %) 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 the end of May. No information on the purchase price have been disclosed.
With its approximately 20 employees Multi Chemical Est. achieved a turnover of around USD 20 million in 2007.
In a next step, the partner Elastogran and Kanoo plan to build a new polyurethane system house in Dubai. Construction is to commence in mid-2008. The production of PU systems by the joint venture is planned to be concentrated there from 2010 on.
Through its engagement in the Gulf region BASF is further strengthening its global network of more than 30 PU system houses.
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