AkzoNobel agrees JV deal in Oman to boost Middle East presence
(Thomson Reuters ONE) -
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 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.
Not for publication - for more information
Corporate Media Relations Corporate
Investor Relations,
Tel. +31 20 502 78 33 Tel.
+31 20 502 7854
Contact: Kirstin Steffen Contacts:
Jonathan Atack and Sheryl Stokes
Safe Harbor Statement
This press release contains statements which address key issues such as
AkzoNobel's growth strategy, future financial results, market positions,
product development, products in the pipeline and product approvals. Such
statements should be carefully considered, and it should be understood that
many factors could cause forecasted and actual results to differ from these
statements. These factors include, but are not limited to, price fluctuations,
currency fluctuations, developments in raw material and personnel costs,
pensions, physical and environmental risks, legal issues, and legislative,
fiscal, and other regulatory measures. Stated competitive positions are based
on management estimates supported by information provided by specialized
external agencies. For a more comprehensive discussion of the risk factors
affecting our business please see our latest annual report, a copy of which
can be found on our website www.akzonobel.com
AkzoNobel Press Release:
http://hugin.info/130660/R/1739202/583678.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Akzo Nobel NV via Thomson Reuters ONE
[HUG#1739202]
Unternehmensinformation / Kurzprofil:
Datum: 31.10.2013 - 08:00 Uhr
Sprache: Deutsch
News-ID 311275
Anzahl Zeichen: 5139
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 159 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AkzoNobel agrees JV deal in Oman to boost Middle East presence"
steht unter der journalistisch-redaktionellen Verantwortung von
Akzo Nobel NV (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
