AkzoNobel Agrees JV Deal In Oman To Expand Middle East Presence - Quick Facts

(RTTNews) - Dutch paint maker Akzo Nobel NV (AKZOY, AKZOY.PK) reported the expansion of its presence in the Middle East after purchasing a 50 percent stake and management control of Sadolin Paints Oman SAOC, that employs around 150 people.

The company inked a joint venture deal with Omar Zawawi Establishment LLC, promoter and shareholder of Sadolin Paints, which involves the manufacture and sale of decorative paints and performance coatings in Oman, for undisclosed financial terms.

Conrad Keijzer, the company's Executive Committee member responsible for Performance Coatings, noted, "Bringing our decorative paints and performance coatings expertise under one roof in Oman will provide a strong platform to support our customers in this increasingly important market."

The Omzest Group would remain a significant shareholder and would name three members to the joint venture's Board of Management.