US techno firm opens Dubai office
Dubai, November 23, 2013
US-headquartered technology and manufacturing company Lord Corporation said it has opened its office in Dubai to tap the huge business opportunities that the Mena region offers in aerospace, construction, infrastructure and automotive domains.
Lord boasts of 16 manufacturing facilities and nine R& D centres worldwide and 90 sales and support centers worldwide netting about $900 million annual revenues.
The expanded footprint is in response to the increased customer and supplier demands from the high-potential and fastest growing regional markets and also in line with the plans to expand the global presence of the 90-year-old company with a portfolio of over 2,500 patient products in adhesives, coatings, motion management devices, and sensing technologies.
The modest facility will house the regional management team in addition to the marketing staff and technical centre and it will cover 16 countries in the Mena, including the ‘exciting’ GCC region, said a senior official at the launch of the office in the Dubai Airport Free Zone’s East Wing.
Joseph W. Marotta, the president for EMEA region, said: “This year we revised our corporate strategy to focus on increasing our global growth opportunities. We saw Dubai as a natural fit because of the increasing number of customers in the region as well as the nation’s ability to provide innovative new technology and solutions for many of the existing industries in the Middle East.”
"Aerospace, structural adhesives and automotive are the initial focus of attention in the region for the company which is a worldwide leader in adhesives and coatings, vibration and motion control, and magnetically-responsive technologies," he added.
Max Billinger, the director for MEA region, said: "We found an exceptionally open environment for technology adoption in the region and noticing strong and rapid growth of various industries like construction, aerospace and infrastructure."
Presently, half of the revenue comes from structural adhesives business, while aerospace accounts for a third of the business globally. The company has had a long presence in the region through its network of distribution partners whose number has risen in the past three years due to expansion of the regional economy.
While the company is recording an annual organic growth of 10 per cent, it is confident about achieving a yearly double digit growth from its overall business operations in the region and about 30 per cent growth annually in structural adhesives segment in the near future.
Len Holtkamp, the director of Automotive and Industrial Assembly for the EMEA region, said: “We have been working on the company’s vision to have a Mena presence for the past two years and it is a reality now. There are large and high-potential markets to be tapped by the company across a broad spectrum of industries like automotive and industrial assembly.”
He said in 2014, the company will be investing in enhancing its capabilities, increasing customer intimacy and local presence to facilitate the growth of the company and its customers.
“In the region, we see markets having open minds, innovative and ready for the next best thing – well aligned with the vision and values of the company. We see multiple countries, especially the UAE and Saudi Arabia of being of high importance for our growth,” he added.
Lords will also be exploring technology partnerships and academic collaborations in the region, especially in the UAE and Saudi Arabia.
The family-held company has more than 300 chemists and engineers on its Global Technology group and spends up to 10 per cent of total revenues on R&D and Innovation.-TradeArabia News Service