LONDON, UK: Saint-Gobain has entered into a definitive agreement to acquire Izomaks Industries LLC (Kingdom of Saudi Arabia), a leading manufacturer of waterproofing products (floors, roofs) in Saudi Arabia, a statement said.
Izomaks Industries operates two manufacturing facilities in Riyadh, employs around 140 people and will generate revenues of approximately €60 million in 2023.
This acquisition perfectly complements our existing building envelop offering in Saudi Arabia where Saint-Gobain has been present since 2007, currently operating 3 manufacturing plants in insulation and mortars (tile fixing, façade renders, flooring and technical mortars) and employing around 320 people.
By enhancing the range of solutions offered, this acquisition will accelerate the growth of Saint-Gobain in the Gulf countries, characterized by fast economic development and major construction projects in the coming years (Vision 2030 in Saudi Arabia, Vision 2050 in the United Arab Emirates, Vision 2040 in Oman).
Closing of the transaction is subject to customary conditions and expected by the end of 2023.
The acquisition of Izomaks Industries LLC in the Kingdom of Saudi Arabia is in line with Saint-Gobain’s strategic plan, “Grow & Impact”, which aims to both strengthen the Group’s leadership and accelerate its presence by enriching its range of solutions for light and sustainable construction.