Investcorp buys Dainese
BAHRAIN-based Investcorp has acquired Italian protective clothing maker Dainese for an enterprise value of 130 million euros ($163 million), the alternative investment firm said in a statement. Investcorp bought the company from founder Lino Dainese, who will keep a minority stake in the business he set up in 1972.
He will continue to work with the company as will the current management team, the statement said.
ABB silver jubilee
ABB Turbocharging, a leader in the in the manufacture and maintenance of turbochargers, is celebrating its 25th anniversary in the UAE this year.
While ABB has been present in the UAE since 1976, ABB Turbocharging, established in 1989 in Dubai, has grown to become a fully-fledged service station capable of carrying out all repair works.
ABB in Dubai provides turbocharging solutions for land-based diesel power plants with a strong focus on the marine segment in both seaports and offshore anchorages at Khorfakkan and Fujairah and at major shipyards Drydocks World Dubai and Asry, Bahrain.
New AkzoNobel plant
AKZONOBEL, a leading global paints and coatings company, has started operations at its new powder coatings plant in Dubai. The facility will significantly increase capacity for the company’s Interpon and Resicoat products, said a statement.
The state-of-the-art site is AkzoNobel’s sixth manufacturing plant in the Middle East and its 30th producing powder coatings around the world.
SAVOLA Group, Saudi Arabia’s largest food products firm, has agreed a seven-week extension to talks with Takween Advanced Industries over the sale of its plastics business.
Savola said in July it had entered a non-binding agreement with Takween to sell its entire share capital in Savola Packaging Company as it looked to focus on its core sectors of food and retailing.
Talks between the two companies had been due to end on November 11.