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Kansai Paint Middle East FZCO (KPME), a company related to Kansai Paint Co Ltd. (Head Quarters: Osaka, President Hiroshi Ishino) and subsidiary of KPME, Kansai Paint Saudi Ltd (KP Saudi) will acquire the stock of the Saudi Industrial Paint Company (SIPCO), a paint company in Saudi Arabia as described below.
SIPCO is a paint manufacturer mainly developing anticorrosion paints in Saudi Arabia, with good records as a supplier, having approved components for supply to oil companies.
SIPCO anticipates procurement of government projects and development at major oil companies.
It believes acquisition of these stocks serve to accelerate not only anti-corrosion but also construction businesses.
