Songwon, Pan Gulf and Polysys signed a MoU for global manufacturing and sales of OPS

During the Annual GPCA forum 2011 in Dubai (UAE), Songwon Industrial Co., Ltd., Pan Gulf Holdings and Polysys Industries announced their intention to form a global cooperation for the manufacturing and sale of Songnox? OPS. This follows the recent announcement of Songwon Industrial Group regarding the acquisition of Additives Technology Greiz GmbH (ATG), one of Europe’s largest manufacturers of One Pack Systems (OPS) .  

The three companies have signed a Memorandum of Understanding to establish a Joint Venture to be named Songwon Additive Technologies AG, which will become the parent company, having control over ATG, as well as a series of manufacturing and commercial JV’s in the Middle East. The partners of Songwon Additive Technologies AG will consist of Songwon Industrial Group, Pan Gulf Holdings of Saudi Arabia and Polysys Industries of Abu Dhabi.

Mr. Jongho Park, Chairman and CEO of Songwon Industrial Group, stated: “The Middle East market is the next logical step for Songnox? OPS and our partnership with Pan Gulf and Polysys puts us into an excellent position to capitalize on the growth potential in the region. We fully expect to have the first manufacturing JV in Saudi Arabia operational by the end of 2012 and we aim to have the second manufacturing JV up and running in early 2014 located in Abu Dhabi. As sales grow, we will establish a commercial entity to service the region.” He added: “Attracting partners of this caliber to a global business venture is a compliment to Songwon’s track record and demonstrates the trust we can demand through our ability to deliver what we say we are going to do.”

Mr. Hamdan Al Hamdan, Director of Pan Gulf Holding Company, added: “Pan Gulf is a large and diverse group providing quality products and efficient services to a wide variety of industries thoughout the Kingdom of Saudi Arabia. We pride ourselves on our commitment to excellence in everything we do, this includes the affiliations we establish and the partners we choose. We are proud to be associated with Songwon and Polysys as we share common values and goals and we are excited to further diversify our portfolio into the polymer industry.”

In conclusion, Mr. Mohamed Al Muhairy, Founder and Managing Director of Polysys Industries, commented: “The opportunity to join forces with key partners who are leaders in their field in an industrial venture is a natural fit with our business strateMężczyźni