(MENAFN- Muscat Daily) AkzoNobel has signed a joint venture agreement with Omar Zawawi Establishment (Omzest), promoter of Sadolin Paints, to acquire a 50 per cent stake and management control of Sadolin Paints Oman. The joint venture was announced at a press conference on Thursday.
The deal will expand the presence of AkzoNobel in the Middle East and will involve the manufacture and sale of decorative paints and performance coatings in Oman.
''This is a strategic deal which forms part of AkzoNobel's ongoing growth 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.''
Peter Tomlinson, managing director of AkzoNobel in the Middle East who is based at the company's regional head office in Dubai, said, ''With governments trying to diversify their economies and putting more investment into construction, local production is becoming increasingly important. Our paints and coatings activities in Oman will now be strategically placed to effectively supply customers in the construction, transportation and oil and gas sectors.''
AkzoNobel will also make strategic investments to support the enlarged business portfolio across the Middle East region while leveraging Sadolin's existing reputation and network.
''The agreement will open up new markets and we will focus on continuous investment to expand our footprint in the region. We will look forward to serving the growing local demand from the construction, transportation and oil and gas sectors,'' added Keijzer.
He added that the Rusayl unit will receive more investment to support the enlarged business portfolio and maintain the strong Omanisation of the compa
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