Dubai: Pearl Overseas Industries ltd. Is taking full ownership of Dubai-based Pearl Polyurethane Systems, which specialises in performance materials. It has done so by picking up the 51 per cent owned by former joint venture partner Covestro AG in Pearl Covestro Polyurethane Systems, and which has now been re-branded.
Both parties have reconfirmed their ongoing partnership through a long-term supply and technical service agreement. Financing of the deal was provided by HSBC.
The original Dubai-based joint venture Bayer Pearl was founded in 2006 with technical support from Bayer AG. The company has supplied polyurethane foam systems for several projects in the Gulf region, including Palm Jumeirah, Downtown Dubai and Ski Dubai in the Mall of the Emirates.
“One of our core competences is rigid-foam polyurethane systems for residential and commercial buildings – systems that feature state-of-the-art insulation properties and meet all international fire safety norms,” said Martin Kruczinna, who will take over the role of CEO.