Amsterdam, The Netherlands - Dutch coatings company AkzoNobel has signed an expanded joint venture agreement with the Yusuf Bin Ahmed Kanoo group of companies in the Middle East.
Under this agreement, AkzoNobel will offer products from across its Performance Coatings portfolio, including automotive refinish, marine, yacht, fire protection, protective and powder coatings. The existing joint venture between the two companies only covers the supply of AkzoNobel's International Paint brand, along with coil and packaging coatings.
"We are very pleased to build on our long-standing relationship with the Kanoo family by signing this agreement," said Leif Darner, AkzoNobel's executive committee member responsible for Performance Coatings in a 30 Nov statement. "It will give us a firm foothold in the Middle East and a solid platform from which to deliver on our ambitious growth strategy in the region."
AkzoNobel, which develops coatings using polymers such as polyurethanes, currently employs more than 200 people across its two main plants in the Middle East. Both sites are planning increased investments to support the enlarged business portfolio, with work on a new powder coatings facility in Dubai having already started, AkzoNobel said.