10 February 2013
JEDDAH - Red Sea for Building Materials and Equipment Company, a subsidiary of Red Sea Housing Services Company, has entered into a shareholders agreement with Sherwin-Williams, the world's leading paint company, to manufacture and supply paint and coatings for selected markets in the Middle East, particularly Saudi Arabia and other countries in the region, given the several major development projects.
The joint venture (JV) will trade under the name "Premier Paint Company" with headquarters and manufacturing facilities based in Jeddah. The initial focus will be on manufacturing and supplying Sherwin-Williams' commercial, architectural and light industrial coatings in the growing paint markets in the MENA region, which recorded a recent high demand.
Founded in 1866, Sherwin-Williams is a global leader in the manufacture, development and distribution of paints and coatings, and offers related products to professional, industrial, and commercial customers. Furthermore, the company has a network of more than 4,000 outlets around the world that distribute their various products, which have contributed to an astonishing total sales of more than $8.76 billion equivalent to SR32.85 billion in 2011.
Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services, said: "We are pleased to enter into this partnership with Sherwin-Williams. We believe that Red Sea Housing's local market understanding and reach across the region, coupled with Sherwin-Williams' world-class paint manufacturing capability and the know-how will ultimately deliver greater benefits to a broad range of customers in Saudi Arabia and the region. Today the MENA region is bursting with opportunities and we believe that the high-specification product line of the 'Premier Paint Company' will become the first choice for the region's construction industry and for the retail market."
Moreover, he further said "this new partnership creates a perfect opportunity for us to move ahead with our aggressive growth strategy, characterized by entering the paint and coating market which is expected to reach SR10 billion by 2014 across the Middle East - according to Frost & Sullivan statistics report - in addition to further expand the company's marketing activities for the coming period, which will help increase our regional and global market share by expanding the current business lines."
JEDDAH - Red Sea for Building Materials and Equipment Company, a subsidiary of Red Sea Housing Services Company, has entered into a shareholders agreement with Sherwin-Williams, the world's leading paint company, to manufacture and supply paint and coatings for selected markets in the Middle East, particularly Saudi Arabia and other countries in the region, given the several major development projects.
The joint venture (JV) will trade under the name "Premier Paint Company" with headquarters and manufacturing facilities based in Jeddah. The initial focus will be on manufacturing and supplying Sherwin-Williams' commercial, architectural and light industrial coatings in the growing paint markets in the MENA region, which recorded a recent high demand.
Founded in 1866, Sherwin-Williams is a global leader in the manufacture, development and distribution of paints and coatings, and offers related products to professional, industrial, and commercial customers. Furthermore, the company has a network of more than 4,000 outlets around the world that distribute their various products, which have contributed to an astonishing total sales of more than $8.76 billion equivalent to SR32.85 billion in 2011.
Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services, said: "We are pleased to enter into this partnership with Sherwin-Williams. We believe that Red Sea Housing's local market understanding and reach across the region, coupled with Sherwin-Williams' world-class paint manufacturing capability and the know-how will ultimately deliver greater benefits to a broad range of customers in Saudi Arabia and the region. Today the MENA region is bursting with opportunities and we believe that the high-specification product line of the 'Premier Paint Company' will become the first choice for the region's construction industry and for the retail market."
Moreover, he further said "this new partnership creates a perfect opportunity for us to move ahead with our aggressive growth strategy, characterized by entering the paint and coating market which is expected to reach SR10 billion by 2014 across the Middle East - according to Frost & Sullivan statistics report - in addition to further expand the company's marketing activities for the coming period, which will help increase our regional and global market share by expanding the current business lines."
© The Saudi Gazette 2013
