Akzo Nobel NV: AkzoNobel agrees JV deal in Oman to boost Middle East presence
October 31, 2013
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
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