PHILADELPHIA--(BUSINESS WIRE)--Apr. 16, 2008
250,000 metric ton facility to be operational in 2011“Saudi Acrylic Monomer Company”
will use advantaged supply of propylene and latest process technology
to make acrylic acid and related productsSupports Rohm and Haas’s accelerated
growth of acrylic portfolio in rapidly developing economies
Rohm and Haas Company (NYSE:ROH) and Tasnee Sahara Olefins Company
(TSOC) of Saudi Arabia said today they will form a joint venture which
will produce 250,000 metric tons of acrylic acid and related esters in
Jubail, Kingdom of Saudi Arabia, beginning in 2011. These feedstock
materials will be used primarily to support the fast-paced growth of
Rohm and Haas’s water-based acrylic products
in rapidly developing economies. TSOC will have exclusive rights to sell
a portion of the acrylic acid products within the Gulf Cooperation
Council countries of Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and the
United Arab Emirates.
“This is a wonderful day for Rohm and Haas,”
said Carol Eicher, Vice President and Business Director for the company’s
Primary Materials business. “This joint
venture — Saudi Acrylic Monomer Company —
demonstrates our commitment to secure monomers at the right place, at
the right time, and at the right cost — in
support of the ongoing global growth of our acrylic portfolio.”
Eicher noted that the Jubail facility is the first downstream chemical
project of its kind to be undertaken in the Middle East.
Saudi Acrylic Monomer Company will be 75 percent owned by TSOC; 25
percent by Rohm and Haas. Rohm and Haas will invest approximately $50
million for its equity stake in the venture, and will license its
technology for making acrylic acid. When completed, the plant in Jubail
will employ approximately 225 people.
Rohm and Haas will consume the majority of the plant’s
production to supply the needs of the company’s
downstream businesses to make products used in paints and coatings,
adhesives, caulks, sealants, plastics additives, detergents additives
and in industrial applications, among others. Some of the plant’s
production will also be allocated for sale to external customers. TSOC
and Rohm and Haas will cooperatively market products to the Saudi, GCC,
Middle East, Asia and European regions.
TSOC is comprised of Tasnee, one of the largest private industrial
companies in the Kingdom of Saudi Arabia, and Sahara Petrochemical, a
publicly traded Saudi joint stock company, with a history of developing
petrochemical projects in Saudi Arabia.
“We are pleased to be able to form this
partnership with TSOC,” said Raj L. Gupta,
Chairman, President and CEO of Rohm and Haas, an $8.9 billion specialty
materials company. “These are well-known and
highly regarded firms. We are looking forward to a long and prosperous
relationship for all involved.”
Rohm and Haas is the world’s largest supplier
of acrylate and methacrylates monomers. Its $2 billion Primary Materials
business operates a world-class acrylic acid and ester facility in Deer
Park, Texas.
About Tasnee and Sahara Olefins Company
TSOC is a Saudi joint stock company established by Tasnee and Sahara. It
owns 75 percent of the Saudi Ethylene and Polyethylene Company (SEPC).
SEPC is establishing $ 2.5 billion cracker complex which will produce
one million tons of ethylene, 285KTa of propylene and 800 KTA of
polyethylene. SEPC is 25 percent owned by LyondellBasell Industries.
About Rohm and Haas Company
Leading the way since 1909, Rohm and Haas is a global pioneer in the
creation and development of innovative technologies and solutions for
the specialty materials industry. The company’s
technologies are found in a wide range of industries including: Building
and Construction, Electronics and Electronic Devices, Household Goods
and Personal Care, Packaging and Paper, Transportation, Pharmaceutical
and Medical, Water, Food and Food Related, and Industrial Process.
Innovative Rohm and Haas technologies and solutions help to improve life
every day, around the world. Based in Philadelphia, PA, the company
generated annual sales of approximately $8.9 billion in 2007.
Visit www.rohmhaas.com for more
CONTACT: Rohm and Haas Company
Laura Hadden
Director of Communications, Specialty Materials
+1 215-592-3054l
hadden@rohmhaas.com
Andrew Sandifer
Director of Investor Relations
+1 215-592-3312
asandifer@rohmhaas.com
250,000 metric ton facility to be operational in 2011“Saudi Acrylic Monomer Company”
will use advantaged supply of propylene and latest process technology
to make acrylic acid and related productsSupports Rohm and Haas’s accelerated
growth of acrylic portfolio in rapidly developing economies
Rohm and Haas Company (NYSE:ROH) and Tasnee Sahara Olefins Company
(TSOC) of Saudi Arabia said today they will form a joint venture which
will produce 250,000 metric tons of acrylic acid and related esters in
Jubail, Kingdom of Saudi Arabia, beginning in 2011. These feedstock
materials will be used primarily to support the fast-paced growth of
Rohm and Haas’s water-based acrylic products
in rapidly developing economies. TSOC will have exclusive rights to sell
a portion of the acrylic acid products within the Gulf Cooperation
Council countries of Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and the
United Arab Emirates.
“This is a wonderful day for Rohm and Haas,”
said Carol Eicher, Vice President and Business Director for the company’s
Primary Materials business. “This joint
venture — Saudi Acrylic Monomer Company —
demonstrates our commitment to secure monomers at the right place, at
the right time, and at the right cost — in
support of the ongoing global growth of our acrylic portfolio.”
Eicher noted that the Jubail facility is the first downstream chemical
project of its kind to be undertaken in the Middle East.
Saudi Acrylic Monomer Company will be 75 percent owned by TSOC; 25
percent by Rohm and Haas. Rohm and Haas will invest approximately $50
million for its equity stake in the venture, and will license its
technology for making acrylic acid. When completed, the plant in Jubail
will employ approximately 225 people.
Rohm and Haas will consume the majority of the plant’s
production to supply the needs of the company’s
downstream businesses to make products used in paints and coatings,
adhesives, caulks, sealants, plastics additives, detergents additives
and in industrial applications, among others. Some of the plant’s
production will also be allocated for sale to external customers. TSOC
and Rohm and Haas will cooperatively market products to the Saudi, GCC,
Middle East, Asia and European regions.
TSOC is comprised of Tasnee, one of the largest private industrial
companies in the Kingdom of Saudi Arabia, and Sahara Petrochemical, a
publicly traded Saudi joint stock company, with a history of developing
petrochemical projects in Saudi Arabia.
“We are pleased to be able to form this
partnership with TSOC,” said Raj L. Gupta,
Chairman, President and CEO of Rohm and Haas, an $8.9 billion specialty
materials company. “These are well-known and
highly regarded firms. We are looking forward to a long and prosperous
relationship for all involved.”
Rohm and Haas is the world’s largest supplier
of acrylate and methacrylates monomers. Its $2 billion Primary Materials
business operates a world-class acrylic acid and ester facility in Deer
Park, Texas.
About Tasnee and Sahara Olefins Company
TSOC is a Saudi joint stock company established by Tasnee and Sahara. It
owns 75 percent of the Saudi Ethylene and Polyethylene Company (SEPC).
SEPC is establishing $ 2.5 billion cracker complex which will produce
one million tons of ethylene, 285KTa of propylene and 800 KTA of
polyethylene. SEPC is 25 percent owned by LyondellBasell Industries.
About Rohm and Haas Company
Leading the way since 1909, Rohm and Haas is a global pioneer in the
creation and development of innovative technologies and solutions for
the specialty materials industry. The company’s
technologies are found in a wide range of industries including: Building
and Construction, Electronics and Electronic Devices, Household Goods
and Personal Care, Packaging and Paper, Transportation, Pharmaceutical
and Medical, Water, Food and Food Related, and Industrial Process.
Innovative Rohm and Haas technologies and solutions help to improve life
every day, around the world. Based in Philadelphia, PA, the company
generated annual sales of approximately $8.9 billion in 2007.
Visit www.rohmhaas.com for more
CONTACT: Rohm and Haas Company
Laura Hadden
Director of Communications, Specialty Materials
+1 215-592-3054l
hadden@rohmhaas.com
Andrew Sandifer
Director of Investor Relations
+1 215-592-3312
asandifer@rohmhaas.com