May '08
This joint venture will acquire the polyurethane business of Multi Chemical Est. in Abu Dhabi from the Al Hamid Group by end of May 2008.
The joint venture and Al Hamid have agreed to not disclose the purchase price. The closing of the transaction is subject to approval by the relevant authorities.
With its approximately 20 employees Multi Chemical Est. achieved as part of the Al Hamid Group a turnover of around $20 million in the PU business in 2007. Founded in 1995, the company is one of the leading system houses in the region.
In a next step, the partners plan to construct a new polyurethane system house in Dubai Industrial City. Construction is to commence in mid-2008. The production of PU systems by the joint venture will be concentrated there as of 2010.
“With the acquisition of the polyurethane business from Multi Chemical Est. we have created ideal conditions for our success in the strongly growing market of polyurethane applications in the Arabian Peninsula,” said Dr. Uwe Hartwig, Group Vice President of the regional business unit Polyurethanes Europe.
“We will strengthen existing customer relationships and consistently implement our worldwide proven strategy of locally operating customer-oriented system houses.
Through its engagement in the Gulf region, BASF is strengthening its global network of more than 30 polyurethane system houses.”
“We are happy to continue and expand our cooperation with BASF into the polyurethane segment offering innovative, valuable and highly customized PU Systems,” said Mishal Hamed Kanoo, Deputy Chairman of The Kanoo Group, whose company has been a joint venture partner of BASF in the United Arab Emirates (UAE) since 1970.
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