Nuplex Industries has signed up to a joint venture with Russian paint and resins manufacturer KVIL.
Nuplex will spend $5.7 million to set up the 50-50 partnership, which is expected to be formed in the first quarter of this year.
The deal will open up access to the growing Russian
market, says chief executive Emery Severin.
"Entering into Russia through a joint venture enables us to take a low risk approach to building our presence in this emerging market" he said.
The joint venture also allows for a resin manufacturing site to be built in Belgorod, Russia, in the next two years, with estimates putting the cost at $32 million.
