Compagnie de Saint-Gobain Acquisition (6680B)

TIDMCOD

RNS Number : 6680B

Compagnie de Saint-Gobain

11 January 2018

PRESS RELEASE

January 11, 2018

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.

ABOUT SAINT-GOBAIN

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

www.saint-gobain.com

@saintgobain

 
 
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January 11, 2018 12:12 ET (17:12 GMT)