Saint-Gobain Takes Stake in Kimmco, to Be Managed With Alghanim Industries
Saint-Gobain SA (SGO.FR) said Thursday that it has acquired a stake in Kuwait Insulating Material Manufacturing, or Kimmco, a regional leader in the sector.
Kimmco is a subsidiary of Alghanim Industries, which will continue to be a partner.
Kimmco will be managed jointly by both companies and will be consolidated in Saint-Gobain's accounts, the French company said.
Financial terms of the deal were not disclosed.
The acquisition is in line with Saint-Gobain's strategy of expending in new geographies, it said.
Kimmco reported total sales of around 70 million euros ($84.3 million) in 2016, Saint-Gobain said.
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(END) Dow Jones Newswires
January 11, 2018 13:25 ET (18:25 GMT)