Dubai, UAE – Pearl Overseas Industries has bought Covestro's 51% stake in the UAE-based Pearl Polyurethanes Systems.
The companies have agreed long-term supply and technical service contracts. The original joint venture between Bayer and Pearl was formed in 2006. Since then, the business has supplied systems to high-profile projects such as Palm Jumeirah, Downtown Dubai and SkiDubai.
Its new CEO, Martin Kruczinna, is a former Bayer manager. ‘[The company will] focus on rigid-foam polyurethane systems for residential and commercial buildings, and will rely on our Dubai-based team of industry experts.'
Formerly known as Bayer Pearl and Pearl Covestro, it claims to be the first company in the region to launch zero-ODP spay foam systems.
Pearl is also looking at expansion opportunities outside the region.