Mapei, a leading manufacturer of adhesives and sealants with a major regional presence, said its 2010 revenue surged to euros 1.9 billion ($2.72 billion) from euros 1.7 billion the previous year.

Founded in Milan in 1937, Mapei is also a global leader in production of chemical products for buildings.

The Italian group boasts of a significant regional presence through its UAE subsidiary Innovative Building Solutions. The company operates a state-of-the-art manufacturing facility at Dubai Investments Park.

Mapei's business performance over the past few years was complemented by a recent agreement with Henkel Group to acquire adhesives and building products under  Ceresit and Thomsit brands in South Korea.

A manufacturing facility in Chungcheongbuk-do and head offices in Seoul were also opened to support Mapei's latest acquisition, it said.

Including this, Mapei now has 68 subsidiaries and 58 manufacturing facilities in 27 countries spanning five continents.

'The acquisition of these premium adhesive and building product brands that were previously under the Henkel Group underlines our strong commitment to expand across high-growth markets,' remarked Veronica Squinzi, global development director, Mapei.

This agreement, she said, has opened new business prospects for Mapei and enables us to penetrate niche markets.

'We are leveraging our strong presence in key markets such as South Korea and the UAE, which is one of the most developed countries in the Middle East, to create more opportunities for growth and to expand in other prime destinations worldwide,'  Squinzi added.-TradeArabia News Service