A new venture including Saudi Arabia’s National Industrialization Co (Tasnee) to produce titanium sponge will launch commercial operations in the second half of 2017, the petrochemical producer said on Thursday.
Tasnee and its subsidiary Cristal jointly own Advanced Metal Industries Co (AMIC), while AMIC and Japan’s Toho Titanium Co own 65 and 35 percent respectively of their new firm Advanced Metal Industries and Toho Titanium Co.
The new company will have capital of 412.5 million riyals ($110 million) and will produce titanium sponge. The project’s initial capacity will be 15,600 tonnes annually and has an estimated cost of $440 million, Tasnee said in a statement to Riyadh’s bourse.
The statement did not provide more details about the timescale of the project or how it would be funded.
The new company’s commercial launch will be in the second half of 2017 and will form a major part of Tasnee’s downstream value chain, it added. ($1 = 3.7490 riyals)
By Matt Smith
LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]
LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]
LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]