AkzoNobel buys into Sadolin Oman

01 December 2013

AKZONOBEL has acquired a 50 per cent stake and management control in prominent manufacturer Sadolin Paints Oman following a joint venture agreement signed with Omar Zawawi Establishment (Omzest) LLC, promoter and shareholder of the Omani firm.

Sadolin Oman manufactures and supplies decorative paints and performance coatings in the sultanate.

Conrrad Keikzer, AkzoNobel’s executive committee member responsible for performance coatings, said the agreement was in line with his company’s growth 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,” he said.

Peter Tomlinson, managing director of AkzoNobel in the Middle East, said local production had become increasingly important with governments investing heavily into the construction. “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,” he added.

 Dr Omar Zawawi, chairman of the Omzest Group, expressed satisfaction over the agreement saying it enhanced Sadolin’s profile in the market and provided access to leading-edge technology. He further commented that it would create an organisation which offered key benefits to all stakeholders including employees and open up new markets which could not have been developed by Sadolin as an independent company.

 Zawawi added that the Omzest Group would remain a significant shareholder and 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.

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