Saudi Red Sea Housing in US paint venture
Jeddah, February 9, 2013
Saudi-based Red Sea Housing Services Company said its subsidiary has entered into a partnership deal with leading US paint group Sherwin-Williams to manufacture and supply paint and coatings for selected markets in the Middle East.
Red Sea Housing Services Company is one of the leading providers of high-profile modular housing solutions for companies involved in oil, gas, and mining excavation activities.
As per the agreement, its subsidiary Red Sea for Building Materials and Equipments Company will be entering into a partnership with Sherwin-Williams and introducing the products in the region, mainly Saudi Arabia.
The venture will trade under the name ‘Premier Paint Company’ with headquarters and manufacturing facilities based in Jeddah, said the Saudi-based firm.
The initial focus will be on manufacturing and supplying Sherwin-Williams’ commercial, architectural and light industrial coatings in the growing paint markets in the Mena region, which recorded a recent high demand.
Mohammed Othman Mallawi, the investor relations manager, Red Sea Housing Services, said, "We believe that Red Sea Housing’s local market understanding and reach across the region coupled with Sherwin-Williams’ world-class paint manufacturing capability and the know-how will ultimately deliver greater benefits to a broad range of customers in Saudi and the region."
"Today the Mena region is bursting with opportunities and we believe that the high-specification product line of the “Premier Paint Company” will become the first choice for the region’s construction industry and for the retail market," he added.
Founded in 1866, Sherwin-Williams is a global leader in the manufacture, development and distribution of paints and coatings, and offers related products, to professional, industrial, and commercial customers.
The US company has a network of more than 4,000 outlets around the world that distribute their various products, which have contributed to a total sales of more than $8.76 billion equivalent in 2011.-TradeArabia News Service