Saint-Gobain Takes Stake in Kimmco, to Be Managed With Alghanim Industries

By Marc Bisbal AriasFeaturesDow Jones Newswires

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.

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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.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

January 11, 2018 13:25 ET (18:25 GMT)