Family-controlled Huntsman Corp and the family-owned conglomerate Zamil Group have begun production at their joint venture plant in Saudi Arabia.
US chemical giant Huntsman and Saudi Arabia-based Zamil were equal partners in building the $288 million plant that has the capacity to increase the world's supply of ethylene amines by up to 6.5%. Huntsman technology was used to develop the Ethylene amines Plant of the Arabian Amines Company, as the new venture is grandly titled, and the product will be marketed by Huntsman in Asia and Europe.
In an exclusive interview with Campden FB last summer, Zamil Group's managing director, Strategic Planning, Khalis Al Zamil, said: "We know the Huntsman family and we have a very high regard for them. They come sometimes and meet with the brothers here – we have a very good relationship with them." (Click here to read the interview in full)
Last year saw Huntsman triumph in a court battle over a failed merger with rival company Hexion. (Click here to read our coverage of the story) Huntsman, in its second-generation of family ownership, was eventually awarded a settlement worth $1.73 billion to end its compensation claims against Credit Suisse and Deutsche Bank. The failed merger and subsequent lawsuits left the business with a war chest that stands at $2.75 billion, leaving it free to pursue joint ventures and acquisitions.
Want to get the latest family business/family office news direct to your desktop? Click here to register to receive our weekly newsletter
Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines
Picture: A Zamil petrochemical plant