Compagnie de Saint-Gobain Acquisition
11 Janvier 2018 - 6:42PM
Dow Jones News
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RNS Number : 6680B
Compagnie de Saint-Gobain
11 January 2018
PRESS RELEASE
January 11, 2018
Saint-Gobain takes a leading position
in Middle East Insulation market
Saint-Gobain and the Kuwait-based company Alghanim Industries
who are already partners in insulation manufacturing joint-ventures
in Turkey (Izocam) and Saudi Arabia (SIIMCO), have decided to
extend their partnership to Kuwait: as of 11 January 2018, they
have become joint-venture partners in KIMMCO. This company, as the
other common joint-ventures, will be managed jointly by both
partners and will be consolidated in Saint-Gobain's accounts.
KIMMCO is the regional leader in Insulation with a glasswool
manufacturing plant in Shuaiba-Kuwait, operating under license from
Saint-Gobain ISOVER. It reported total sales close to 24 million
Kuwaiti dinar in 2016 (about EUR70 million), selling in Kuwait and
to the Middle East. The market is dynamic, driven by increasing
awareness around energy efficiency and insulation needs, and
regional weather conditions.
This acquisition is in line with the Group's strategy of
expanding its presence in new geographies. It will enable
Saint-Gobain Construction Products and Alghanim Industries to take
a leading role in offering solutions to the energy and sustainable
development challenges in the Gulf countries.
ABOUT SAINT-GOBAIN
Saint-Gobain designs, manufactures and distributes materials and
solutions which are key ingredients in the wellbeing of each of us
and the future of all. They can be found everywhere in our living
places and our daily life: in buildings, transportation,
infrastructure and in many industrial applications. They provide
comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate
change.
EUR39.1 billion in sales in 2016
Operates in 67 countries
More than 170,000 employees
www.saint-gobain.com
@saintgobain
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