A. Schulman announced that it has entered into a joint venture agreement with National Petrochemical Industrial Company of Jeddah, Saudi Arabia, a subsidiary of Alujain Corporation. The 50-50 joint venture, expected to be named NATPET-Schulman Engineering Plastic Compounds, will produce and globally sell polypropylene compounds. The joint venture is planning to build a polypropylene compounding plant in Yanbu, KSA, where it expects to begin production by the end of calendar-year 2014. A. Schulman's initial equity investment in the relationship is approximately $14M. Initial project costs, including construction of the facility, infrastructure needs as well as working capital requirements are approximately $70M.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.