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Netherlands-based paints manufacturer AkzoNobel has signed a joint venture agreement with Oman’s Omar Zawawi Establishment (Omzest) to acquire a 50 per cent stake in its Sadolin Paints business
According to Muscat Daily, AkzoNobel will also take over management control in the Sadolin Paints Oman.
AkzoNobel executive committee member responsible for performance coatings, Conrad Keijzer, said, “This strategic deal is a part of AkzoNobel’s ongoing growth plans for the Middle East. Bringing our decorative paints and performance coatings expertise under one roof in Oman will support our customers in this key market.”
AkzoNobel managing director Peter Tomlinson added, “With governments trying to diversify their economies and putting more investment into construction, local production is becoming increasingly important. Our paints and coatings activities in Oman will now be strategically placed to supply customers in the construction, transportation and oil and gas sectors.”