SAINT-GOBAIN TAKES A LEADING POSITION IN MIDDLE EAST INSULATION MARKET
Saint-Gobain and the Kuwait-based company Alghanim Industries who are already
partners in insulation manufacturing joint-ventures in Turkey (Izocam) and
Saudi Arabia (SIIMCO), have decided to extend their partnership to Kuwait: as
of 11 January 2018, they have become joint-venture partners in KIMMCO. This
company, as the other common joint-ventures, will be managed jointly by both
partners and will be consolidated in Saint-Gobain's accounts.
KIMMCO is the regional leader in Insulation with a glasswool manufacturing
plant in Shuaiba-Kuwait, operating under license from Saint-Gobain ISOVER. It
reported total sales close to 24 million Kuwaiti dinar in 2016 (about EUR70
million), selling in Kuwait and to the Middle East. The market is dynamic,
driven by increasing awareness around energy efficiency and insulation needs,
and regional weather conditions.
This acquisition is in line with the Group's strategy of expanding its presence
in new geographies. It will enable Saint-Gobain Construction Products and
Alghanim Industries to take a leading role in offering solutions to the energy
and sustainable development challenges in the Gulf countries.
Saint-Gobain designs, manufactures and distributes materials and solutions
which are key ingredients in the wellbeing of each of us and the future of all.
They can be found everywhere in our living places and our daily life: in
buildings, transportation, infrastructure and in many industrial applications.
They provide comfort, performance and safety while addressing the challenges of
sustainable construction, resource efficiency and climate change.
EUR39.1 billion in sales in 2016
Operates in 67 countries
More than 170,000 employees