Tyco acquisition of KEF stake complete
Dubai, July 10, 2011
Tyco International Ltd announced today that it has completed its acquisition of a 75 per cent equity stake in the United Arab Emirates-based KEF Holdings.
KEF is an integrated valve manufacturer and provider of steel castings to the oil and gas, chemical, mining and power industries.
With this investment, reported to be worth $300 million, Tyco establishes its capability to design and manufacture products, strengthens its ability to provide local services to customers, and becomes the only valve manufacturer with an integrated foundry and valve manufacturing plant in the region, said a statement.
“This acquisition gives us a solid platform for growth and expansion in the Middle East region,” said Patrick Decker, president of Tyco Flow Control. “It provides us with a local, fully integrated manufacturing facility in the region while broadening our product portfolio to serve the needs of our customers worldwide.”
“This new entity brings together two great companies, each with superior industry attributes,” said Faizal Kottikollon, founder and CEO of KEF Holdings. “It combines Tyco’s product knowledge, operational expertise and advanced flow control technology with KEF’s deep design experience, local manufacturing and customer channels. Together, we will deliver best-in-class products and services that are key to the industries in the Middle East.”
KEF’s wide range of valve and casting products used by major customers in the Middle East complement Tyco Flow Control’s portfolio of industry-leading products and technologies. The combined entity will offer customized design, engineering, testing and aftermarket services and help customers overcome region-specific challenges.
“For nearly four decades, Tyco has invested in its growing presence in the Middle East, and this acquisition is another example of our ongoing commitment to the region,” said David Dunbar, president, valves and controls, Tyco Flow Control. “As we continue to build our business in the Middle East, we will employ local talent and continuously seek opportunities to help grow and develop local communities.”
Currently, Tyco has more than 1,600 employees and 11 offices throughout the Middle East. – TradeArabia News Service