Apr 30 2010
Grace Construction Products, an operating segment of W. R. Grace & Co. (NYSE: GRA), has formed a joint venture in the Kingdom of Saudi Arabia with the Khalid Ali Alturki & Sons Company (Alturki), a Saudi family owned investment and development company which controls a portfolio of premier businesses in the local construction market.
The joint venture is a key component of Grace’s overall business strategy to enter fast developing regions and expands Grace’s construction footprint significantly in the Middle East.
Grace Saudi Arabia LLC is preparing to open two manufacturing facilities in 2010; one in Dammam and the other in Jeddah. These cities were selected given their close proximity to major metropolitan centers in the eastern and western areas of the Kingdom.
Both facilities will produce concrete admixtures that improve the durability and working properties of concrete used in commercial, institutional and residential construction, as well as additives used in cement processing to improve energy efficiency and enhance the characteristics of finished cement. Employees at these locations will also be responsible for technical service and support to customers.
Grace Saudi Arabia LLC received its certificate of registration on April 18, 2010. Grace is the majority shareholder and will oversee day-to-day operations.
Andrew Bonham, President, Grace Construction Products, remarked, “This joint venture is an ideal opportunity to combine our technical expertise with an established partner in order to develop local solutions for our customers. Alturki has an impressive leadership team that we are pleased to work with in the years to come.”
“We are extremely excited to partner with a recognized global leader in the specialty construction products industry,” said Rami Khalid Alturki, President of Alturki. “The Saudi construction market is evolving rapidly and requires more sophisticated products and solutions which is why we are confident that Grace will be able to secure a leadership position in this market soon.”
Jens Ebinghaus, Vice President and General Manager of Grace Construction Products, Europe, Middle East and Africa, commented, “Our technology and marketing capabilities together with the strong industry contacts and local business expertise of Alturki are expected to be two strong drivers for success of this alliance.”
Source: http://www.grace.com/