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AkzoNobel will enlarge its footprint in the sands of the Middle East by expanding its joint venture agreement with one of the Gulf region's largest family-owned companies.
The world's largest paint and coatings company announced Friday (Nov. 30) that it had signed a broadened joint venture (JV) agreement with the Yusuf Bin Ahmed Kanoo group of companies.
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AkzoNobel |
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The deal will allow AkzoNobel to distribute its entire Performance Coatings portfolio of liquid and powder coating products across the Middle East region.
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The companies' current joint venture is limited to supplies of the International Paint brand, as well as coil and packaging coatings. Under the new deal, AkzoNobel will offer products from across its Performance Coatings portfolio, including professional woodcare, automotive refinish, marine, yacht, fire protection, protective and powder coatings.
'Firm Foothold'
The new arrangement gives AkzoNobel a "firm foothold in the Middle East and a solid platform from which to deliver on our ambitious growth strategy in the region," said Leif Darner, who heads the company's Performance Coatings business.
AkzoNobel currently employs more than 200 people across its two main plants in the Middle East. Both sites are planning increased investments to support the enlarged business portfolio, with work on a new powder coatings facility in Dubai having already started.
The company opened its first manufacturing facility, a powder coating operation, in Dubai, United Arab Emirates, in 2008.
About Kanoo
The Kanoo Group of companies is one of the largest independent, family-owned companies in the Gulf region. Established in Bahrain in 1890 by Haji Yusuf bin Ahmed Kanoo as a trading and shipping business, it is now a highly diversified operation with interests that range from shipping and IT to power plants, retail and training.
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The Kanoo Group of Companies was founded as a trading business in 1890.
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"We are very pleased to build on our long-standing relationship with the Kanoo family by signing this agreement," said Darner.
"We see many opportunities for our products and services to supply the construction, oil and gas and transportation sectors in the Middle East, and this deal will ensure that we are better placed to serve our customers."
Mishal Kanoo, deputy chairman for Kanoo in the UAE and Oman, added: "Our relationship with AkzoNobel goes back over 30 years, and we look forward to supporting the company in its ambition to be a leading supplier of performance coatings in both the UAE and Saudi Arabia."
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