NEW YORK (AP) — Dow Chemical Co. plans to invest an undisclosed amount in a new manufacturing plant in Saudi Arabia that will make coating materials for use in that country and for export to markets worldwide.
The biggest U.S. chemical maker said that the facility will be located at the Jubail Industrial City.
"By investing in a new coatings facility in Saudi Arabia, we are moving closer to our regional customers, and realizing our regional business objectives in a key growth market for Dow," Jerome Peribere, executive vice president of Dow Chemical and president and CEO of the Dow Advanced Materials unit, said in a statement on Sunday.
The Midland, Mich., company's Dow Coating Materials division supplies products and technologies to architectural and industrial coatings manufacturers. It runs 43 plants worldwide and has 13 research and development facilities.
This is not Dow Chemical 's first investment with Saudi Arabia. The company and Saudi Aramco announced a deal in July to create the Sadara Chemical Co., a joint venture to build and run a petrochemical plant in Jubail. Dow also recently announced plans to invest in a manufacturing plant for Dow Filmtec Reverse Osmosis elements in Saudi Arabia.
Last month Dow Chemical reported a fourth-quarter loss due to a one-time charge. Its adjusted results missed Wall Street's expectations.