AkzoNobel acquires 50% stake in Sadolin Paints Oman

AkzoNobel has expanded its presence in the Middle East after acquiring a 50% stake and management control of Sadolin Paints Oman SAOC, which employs around 150 people, for an undisclosed amount. 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.
 
"This agreement forms part of AkzoNobel’s growths plans for the Middle East. 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," said Conrad Keijzer, AkzoNobel’s Executive Committee member responsible for Performance Coatings.
 
ALSO READ: AkzoNobel opens coatings plant in Gwalior

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.”
 
Dr Omar Zawawi, Chairman of the Omzest Group, 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."