A mere day after announcing its acquisition of German one pack systems (OPS) producer Additive Technology Greiz (ATG, Kerpen; www.additive-technology-greiz.com) – see Plasteurope.com of 14.12.2011 – South Korea’s Songwon Industrial (Ulsan; www.songwonind.com) has struck yet another OPS deal, this time with Saudi Arabia’s Pan Gulf Holdings (Al Khobar; www.pangulfholding.com) and the UAE’s Polysys Industries (Abu Dhabi). Specifically, the three companies announced their intention to cooperate on the production and sales of Songwon’s proprietary “Songnox” OPS.

With that in mind, Songwon, Pan Gulf Holdings and Polysys signed a memorandum of understanding to establish a new joint venture, Songwon Additive Technologies, which is to become the parent company of Songwon’s German acquisition ATG and will later also oversee several manufacturing and commercial jvs in the Middle East.

Commenting on the plans, Songwon Industrial CEO Jongho Park said, “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.” Park added that the plan also called for the establishment of a commercial unit, once sales had reached a satisfactory level.