AMSTERDAM, the Netherlands - AkzoNobel has expanded its presence in the Middle East by acquiring a 50 percent stake and management control of Sadolin Paints Oman SAOC.
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. Financial details were not disclosed.
"This agreement forms part of AkzoNobel’s growths plans for the Middle East," said Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings. "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."
Omzest Group will remain a significant shareholder in the company and will appoint three members to the joint venture's Board of Management.