Tyco International Ltd, a maker of valves used in refineries, agreed to buy a majority stake in closely held KEF Holdings Ltd for $300 million (Dh1.1 billion) to gain manufacturing in the Middle East. KEF, based in the UAE, makes valves and steel castings for the oil and gas, chemical, mining and power industries, Schaffhausen, Switzerland-based Tyco said on Monday in a statement.

Chief Executive Officer Ed Breen is sharpening Tyco's focus on its security, fire and flow-control units. The cash purchase of KEF expands Tyco's valve offerings and gives flow control a manufacturing presence in the Middle East.

Deutsche Bank

Deutsche Bank appointed yesterday Salah Jaidah, the former chief executive of Qatar Islamic Bank, as its new chief country officer in Doha and vice-chairman for the Middle East and North Africa. Jaidah replaces Mounir Hussaini, who held the position since 2007 and is leaving the bank, Deutsche Bank said in a statement. Jaidah resigned from QIB in October. He will also be the general manager of its branch at the Qatar Financial Centre and a member of Deutsche Bank's regional executive committee. "Salah brings to Deutsche Bank a wealth of experience and deep insight into the Qatari financial sector, which will positively contribute towards growing our services and offering in Qatar and in connecting Qatar with our global activities," Ashok Aram, the regional chief executive, said in the statement.

Walgreen

Walgreen Co, the largest US drugstore chain, reported a 10 per cent gain in second-quarter profit, helped by demand for flu-related prescriptions. Net income rose to $739 million (Dh2.71 billion), or 80 cents a share, in the period ended February 28, the Deerfield, Illinois-based company, said yesterday in a statement.

Limited effect

Industries Qatar, Doha's petrochemical, fertiliser and steel manufacturer, said that unrest in the Middle East and North Africa has "limited impact" on its business. Petrochemical "volumes originally destined for affected Middle East and North African customers, were diverted to alternative Far East Asian and Latin American buyers," the company's Chief Coordinator Abdul Rahman Ahmad Al Shaibi said in a statement yesterday. The company's steel arm continues to receive pellets from Bahrain that are used in manufacturing.

CBK plans power plant

Commercial Bank of Kuwait (CBK), Kuwait's fourth-largest lender, will part finance $1.2 billion (Dh4.4 billion) for the second phase expansion of Al Zour South Power plant, the bank said in a statement yesterday. "The objective of this project is to add another 400 megawatts to the existing generating capacity of the plant," it said. The existing capacity of the plant is 800 megawatts.

Batelco

Bahrain's Batelco says it and partner Kingdom Holding are still aiming to close a deal to acquire mobile provider Zain's Saudi operations by May even though a related deal fell through. Batelco CEO Peter Kaliaropoulos told the Associated Press by e-mail yesterday that the companies' advisers are currently working on sorting out the due diligence process of examining the unit's books. Etisalat dropped its bid for a large stack of Kuwait-based Zain on Saturday. Zain's sale of the 25 per cent stake in the Saudi unit that bears its name was necessary for the larger etisalat deal to go through. Batelco and Kingdom Holding are offering $950 million (Dh3.48 billion) for Zain's 25 per cent stake in Zain Saudi Arabia.

Volvo Japan unit

Volvo AB, the world's second largest truckmaker, plans to resume "limited" production at the UD Trucks unit in Japan next week, as it seeks to recover from the deadly earthquake and tsunami. UD Trucks' three factories in the Tokyo area will restart on March 28 after repairs of minor damage, the Gothenburg, Sweden-based company said in a statement. "This is a devastating catastrophe that has hit Japan," Chief Executive Officer Leif Johansson said in the statement. Two Japanese Volvo workers were killed following the March 11 quake.