Saudi Industrial Paint Company (SIPCO) and BS Coatings (France) sign a Joint Venture Agreement.

Riyadh, Saudi Arabia, 20^th July 2011 - Saudi Industrial Paint Company (SIPCO) and BS Coatings of France have signed a joint venture agreement to develop and promote the SIPCO brand and product lines, mainly through introducing new technologies and technical know-how. This agreement aims to support this leading paint brand, strengthened by the well-known EUROKOTE® and ENDOPRENE® trademarks of BS Coatings. This solid alliance of these two foremost suppliers of technologically advanced Specialty Coatings will sustain SIPCO's leading position in the Saudi market. The JV is considered as a major step forward by the two renowned and well-established protective coating companies to develop coatings sales in Saudi Arabia and GCC countries.

The agreement was signed by Mr. Abdullah Al Hobayb, Chairman of United Industrial Investments Company (UNIVEST), which is the parent company of SIPCO Paints, and Mr. Gérard Gaillard, Chairman of BS Coatings, in the presence of Mr. Ali Alyan, Managing Director of UNIVEST, and other Executives from both companies.

On this occasion, Mr. Abdullah Al Hobayb, Chairman of UNIVEST, said: "I am pleased with SIPCO's performance, which is a result of a focused and innovative business strategy", adding "SIPCO's new joint venture business partner BS Coatings has a legacy of more than six decades of operating successfully in the international protective coatings market. The two partners will be complementing each other in an endeavour to further consolidate SIPCO's leadership status in the region".

Mr. Gérard Gaillard, Chairman of BS Coatings, pointed out that "BS Coatings has been involved in pipeline protection coatings since the end of the Second World War and probably has the largest range of liquid and powder coatings for pipelines in the world. This Joint Venture with SIPCO gives us the opportunity to be able to seriously promote and introduce these technologies in the Middle East". Moreover, Mr. Gaillard said BS Coatings' line of business judiciously covers "Heavy Duty Protective Coatings, Steel Pipe Coatings, Cast Iron Pipe Coatings and Speciality Coatings for Industry and Floor Protection".

Regarding the new operational and business strategy, Mr. Ali Alyan, MD of UNIVEST, said that this joint venture is a tangible advantage to existing SIPCO Paints business operations and it will facilitate the transfer of latest technology and industry knowledge, enabling SIPCO Paints to add a new dimension in meeting customers' demands. Mr. Alyan stated: "I'm extremely satisfied with SIPCO's achievements and this new horizon further consolidates our existing strong brand equity in the market place, as the augmentation of existing products, introduction of newer products and technologies and more importantly exploring newer business lines will drive the business going forward". Mr. Alyan added that the new 5-year road map reflects aggressive growth plans in parallel to the segment's growth enabling SIPCO to further strengthen its current leadership status.

Celebrating 27 years of successful achievements, SIPCO has grown with each major challenge, becoming one of the largest Saudi Arabian owned manufacturers of high performance specialty coatings for corrosion control and substrate protection, mainly including Pipeline Coatings, Tank-Lining Coatings and Coatings for Structural Buildings.

Furthermore, BS Coatings, which has been in business for over 65 years, develops and commercializes coating solutions intended for hydrocarbon and water pipe transportation and storage, industrial markets, and has been offering its clients innovative solutions in response to their present and future needs so as to "protect the future". One of BS Coatings' key strengths lies in its R&D Department, which is equipped with the latest high-technology facilities and manned by an experienced and highly qualified team.

-Ends-

Issued by Landmark PR & Event Management

For press information contact:
Shadi Abou Assi
Account Director
Tel.: +971 4 3912547

Email: s.abouassi@landmark-pr.com
Ashraf Ayash
Account Executive
Tel : +966 2 6614109
Mobile: + 966 532 29130 84
Email :a.ayash@landmark-pr.com