Sipco to boost brand with French firm
Riyadh, July 23, 2011
Saudi Industrial Paint Company (Sipco) and BS Coatings of France have signed a joint venture to develop and promote the Sipco brand and product lines, mainly through introducing new technologies and technical know-how.
This agreement aims to support this leading paint brand, strengthened by Eurokote and EndoprenE trademarks of BS Coatings.
The agreement was signed by Abdullah Al Hobayb, chairman of United Industrial Investments Company (Univest), which is the parent company of Sipco Paints, and Gérard Gaillard, chairman of BS Coatings, in the presence of Ali Alyan, Managing director of Univest.
“I am pleased with Sipco’s performance, which is a result of a focused and innovative business strategy,” said Al Hobayb.
“Sipco’s new joint venture business partner BS Coatings has a legacy of more than six decades of operating successfully in the international protective coatings market. The two partners will be complementing each other in an endeavour to further consolidate Sipco’s leadership status in the region,” he added.
Gérard Gaillard, chairman of BS Coatings, said: “This joint venture with Sipco gives us the opportunity to be able to seriously promote and introduce these technologies in the Middle East.”
Gaillard said BS Coatings’ line of business covers “heavy duty protective coatings, steel pipe coatings, cast iron pipe coatings and speciality coatings for industry and floor protection”.
Ali Alyan said that this joint venture is a tangible advantage to existing Sipco Paints business operations and it will facilitate the transfer of latest technology and industry knowledge, enabling Sipco Paints to add a new dimension in meeting customers’ demands.
The new 5-year road map reflects aggressive growth plans in parallel to the segment’s growth enabling Sipco to further strengthen its current leadership status, he added. – TradeArabia News Service
More Construction & Real Estate Stories
- Jacky’s unveils new 3D printers
- Technip wins $400m Kuwait PMC contract
- Arab investors eyeing Turkish property
- Arabtec denies Drake merger speculation
- Saudi's ACWA signs $472m sukuk financing
- Qatar announces massive bridges project
- $49m home loans approved in Bahrain
- BlomInvest sees Makkah project on track
- Dubai show to unveil top Indian projects
- Imdaad renews FM contract with sports complex