The newly independent company, Pearl Polyurethane Systems, a leading system house covering the Middle East and North Africa, plans to double its size and expand internationally over the coming five years.

Dubai-based Pearl Polyurethane (formerly Pearl Covestro Polyurethane Systems), said it is poised to leverage its past successes under the growth plan detailed by its new CEO Martin Kruczinna, who took over the new role in February this year.

The former Bayer executive oversaw a buyout deal which saw the parent entity, Pearl Overseas Industries Ltd, sign an agreement to acquire the remaining 51 per cent shareholding in Pearl Covestro from former German joint-venture partner, Covestro.

The deal was completed last month on July 26 with Pearl putting a long-term supply and technical service agreement in place with manufacturer Covestro to ensure consistency of supply to existing and new clients.

“Key drivers positioning Pearl as market leader in its field has been the company’s ability to combine the best of both worlds: the thoroughness of a global player paired with an unwavering commitment to personalised customer service and the agility of a dynamic, entrepreneurial business to maximise value for our customers. Instead of changing this highly effective formula, we want to roll out our unique and successful business model into new markets, both geographically and also in terms of the scope of activities into new industry sectors,” said Kruczinna.

“The newly structured entity of Pearl Polyurethane, combined with the reconfirmed long-term relationship with Covestro, enables us to create win-win solutions for our existing and new customers, suppliers,” he added.

Detailing the five-year growth plan, labelled PearlX2, Kruczinna outlined the structured strategy which relies on five main pillars.

“Our new growth plan is aimed at doubling the size of our company over five years. While we plan to further increase our market share in selected Mena countries, the real leverage will come from moving beyond those borders and launching innovative new products. Our advantageous location in Dubai as a regional trading hub puts several attractive markets within easy reach. We expect our unique value proposition of being able to reliably deliver high quality service and products at competitive prices should be valued in new international markets. We intend to capitalise on these growth opportunities and position Pearl as the preferred polyurethane solutions partner for customers in a growing number of industries, not only in the Middle East but also internationally,” concluded Kruczinna.

Formerly known as Bayer Pearl and Pearl Covestro, the company has been operating for over 25 years in the Middle East region.