Repsol and Mexico's Grupo Kuo reached an agreement to expand their current joint venture, Dynasol, which will become one of the leaders in the global synthetic rubber market.
Dynasol will focus on developing products for the high-performance tire sector, a market with high demand and added value that uses synthetic rubber as a raw material.
The joint venture will have an estimated revenue of $750 million and will produce more than 500,000 tons a year of high added value materials, and will become a major player in Latin America, North America, and China.
According to Repsol's Chairman, Antonio Brufau, the agreement will be a qualitative leap in the alliance with Grupo Kuo “to make Dynasol an important player in the high-performance tire market, and significantly increase our production capacity and supply to our chemicals division."
Grupo Kuo Chairman of the Executive Committee and the Board of Directors, Fernando Senderos Mestre, stated that: "We are very satisfied with the consolidation of this alliance as, in addition to the fact that Repsol is an excellent partner, this new venture will strengthen our global position in the synthetic rubber market."