AkzoNobel agrees JV deal in Oman to boost Middle East presence
AMSTERDAM, Netherlands, Oct. 31, 2013 (GLOBE NEWSWIRE) --
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
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.
Note to editors
AkzoNobel is a leading global paints and coatings company and a major producer
of specialty chemicals. We supply industries and consumers worldwide with
innovative products and are passionate about developing sustainable answers for
our customers. Our portfolio includes well-known brands such as Dulux, Sikkens,
International and Eka. Headquartered in Amsterdam, the Netherlands, we are
consistently ranked as one of the leaders in the area of sustainability. With
operations in more than 80 countries, our 50,000 people around the world are
committed to delivering leading products and technologies to meet the growing
demands of our fast-changing world.
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AkzoNobel Press Release: http://hugin.info/130660/R/1739202/583678.pdf
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