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AkzoNobel agrees JV deal in Oman

AkzoNobel has expanded its presence in the Middle East after acquiring a 50% stake and management control of Sadolin Paints Oman SAOC, which employs around 150 people.

The company has signed a joint venture agreement with Omar Zawawi Establishment LLC (promoter and shareholder of Sadolin Paints) which involves the manufacture and sale of decorative paints and performance coatings in Oman.

“This agreement forms part of AkzoNobel’s growths plans for the Middle East,” said Conrad Keijzer, the company’s executive committee member responsible for Performance Coatings. “Bringing our decorative paints and performance coatings expertise under one roof in Oman will provide a strong platform to support our customers in this increasingly important market.”

Added Peter Tomlinson, managing director of AkzoNobel in the Middle East: “With governments investing more into construction, local production is becoming increasingly important. Our paints and coatings activities in Oman will now be well placed to effectively supply customers in the construction, transportation and oil and gas sectors.” Visit: www.akzonobel.com

ASSA ABLOY acquires Amarr in the US

ASSA ABLOY has signed an agreement to acquire Amarr, the third major player in the North American sectional door market, with a very strong and attractive market position.

“Amarr is another important building block for the ASSA ABLOY Group in building global leadership within Entrance Automation. I welcome Amarr and its employees to the group, constituting the basis for further expansion on the North American market. Since 2008 we have rapidly expanded the Entrance Systems Division from SEK 3 billion to more than SEK 14 billion,” commented Johan Molin, president and CEO of ASSA ABLOY. ”Amarr’s size, product offering and market position give a strong footprint within sectional doors in North America. With Amarr onboard we are well positioned to apply the same rapid expansion of North America, like we have done in Europe during the last few years,” commented Juan Vargues, executive vice-president of ASSA ABLOY and head of division Entrance Systems.

The company was founded in 1951 and is based in Winston-Salem, North Carolina with operations in the USA, Canada and Mexico. The company has 1200 employees. Visit: www.assaabloy.com

Atlas Copco acquires bolt-tightening solutions specialist

Atlas Copco, a leading supplier of sustainable productivity solutions, has acquired UK-based Tentec Ltd, which develops and markets bolttightening solutions. The acquisition broadens Atlas Copco’s range of products and services offered to the oil and gas, power generation and mining industries.

Tentec, based in West Bromwich, United Kingdom, has 65 employees and had revenues in 2012 of £9.8 million. The company, which was founded in 1988, specialises in hydraulic bolt tensioners. The tools, which are used in the assembly of heavy equipment, are sold globally and the main customer segments are the oil and gas, mining and power generation industries, including wind power.

“The acquisition of Tentec completes our portfolio of hydraulic bolt-tightening solutions that we are offering to several key industries,” said Mats Rahmström, business area president for Atlas Copco Industrial Technique. “This will help enhance customers’ productivity and assembly process quality.” The acquired business becomes part of the General Industry Tools and Assembly Systems division within Industrial Technique, and the legal owner is Atlas Copco Holding UK Ltd. Visit: www.atlascopco.com

Mats Rahmström

Addtech acquires Valnor AS

Addtech Components, a business area in the Addtech Group, has signed an agreement to acquire all shares outstanding in Valnor AS.

Valnor is a technology trading company, providing valves and accessories for instrumentation and piping systems. The company represents leading suppliers within its product areas and commands a solid position in the Norwegian market to offshore oil & gas, shipping and onshore process industry. Valnor will very effectively complement Addtech’s operations in the business unit Addtech Components Norway. Valnor has 12 employees and sales of around NOK 50 million.

The closing is estimated to take place in the beginning of December 2013 after approval is obtained from the appropriate authorities. The acquisition is expected to have a marginally positive effect on Addtech’s earnings per share during the current financial year. Visit: www.addtech.com