AkzoNobel Agrees JV deal in Oman to Boost Middle East Presence
AkzoNobel has expanded its presence in the Middle East after acquiring a 50 percent stake and management control of Sadolin Paints Oman SAOC, which employs around 150 people.
The company has signed a joint venture agreement with Omar Zawawi Establishment LLC (promoter and shareholder of Sadolin Paints) which involves the manufacture and sale of decorative paints and performance coatings in Oman. Financial details were not disclosed.
"This agreement forms part of AkzoNobel’s growths plans for the Middle East," said Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings. "Bringing our decorative paints and performance coatings expertise under one roof in Oman will provide a strong platform to support our customers in this increasingly important market."
Added Peter Tomlinson, Managing Director of AkzoNobel in the Middle East, who is based at the company's regional head office in Dubai: "With governments investing more into construction, local production is becoming increasingly important. Our paints and coatings activities in Oman will now be well placed to effectively supply customers in the construction, transportation and oil and gas sectors."
Chairman of the Omzest Group, Dr. Omar Zawawi, commented: "We are delighted with this agreement, which enhances Sadolin Paints' profile in the market and provides access to leading edge technology. It also creates an organization which will offer key benefits to all stakeholders, including employees. In addition, it will open up new markets which could not have been developed by Sadolin as an independent company. We are therefore very pleased to have become part of AkzoNobel."
He added that the Omzest Group will remain a significant shareholder and will appoint three members to the joint venture's Board of Management. AkzoNobel will also make investments to support the enlarged business portfolio across the Middle East region while leveraging Sadolin's existing reputation and network.
Related News
September 6, 2017U.S. chemicals maker PPG Industries Inc. announced it has reached an agreement to take over Mexican architectural and industrial coatings firm Consorcio Comex for $2.3 billion, as part of the planned ...view
October 29, 2020Since October 28, 2020, China's titanium dioxide has started a second round of price increasing $150-$180 due to crazy titanium concentrate price going up.Moreover, stable supply is also a challenge f...view
September 6, 2017Bloomberg reports, "Rubber in Tokyo and Shanghai sank as concern grew that property prices in China will retreat, weakening raw-material demand from the largest consumer. Futures for July delivery on ...view
November 13, 2017Lomon billions is expected to stop limitingproduction to reduce titanium dioxide 30% production since 15th Nov, do not rule out thepossibility of price adjustment Lomon billions November 9th eveninga...view
September 6, 2017Believe most of the importers for China Tio2 have felt the price-up tendency with past continuous months. It is getting harder to have new order with much more lower price any more from first level Ch...view
September 28, 2017Ishihara Sangyo Kaisha, Ltd. and its affiliates have announced a priceincrease of Tipaque® titanium dioxide (TiO2) by US$200 per metric ton inthe Asia-Pacific region effective as from October 1st,...view