Pearl Polyurethane, the leading system house in the Middle East and North Africa (MENA), has appointed a new CEO as part of a five-year expansion strategy that will see the Dubai-based company double in size and expand globally.
Pearl Polyurethane CEO, Mr. Martin Kruczinna, recently oversaw a buyout deal in which the company’s Dubai-based parent entity, Pearl Overseas Industries Ltd, acquired the remaining 51 percent shareholding in the company, bringing total ownership to 100 percent, gaining the additional shareholding from its former German joint-venture partner, Covestro AG.
The deal was finalized on July 26, 2021, with Pearl signing into a long-term supply and technical service agreement with manufacturer Covestro to ensure supply consistency to existing and new clients.
The newly independent company, now known as Pearl Polyurethane Systems LLC, is poised to leverage its past successes under the growth plan detailed by Mr. Kruczinna. Operating for over 25 years, the company has supplied polyurethane insulation foam systems for several trailblazing projects in the Gulf region, including Palm Jumeirah, Downtown Dubai and Ski Dubai in Mall of the Emirates.
“Our growth plan is aimed at doubling the size of our company over five years. While we plan to further increase our market share in selected MENA countries, the real leverage will come from moving beyond those borders and launching innovative new products. Our advantageous location in Dubai as a regional trading hub puts several attractive markets within easy reach.”
Detailing the five-year growth plan, titled PearlX2, Mr. Kruczinna outlined the structured strategy which relies on five main pillars like Geographic Expansion, Diversification, Strategic Partnerships, R&D initiatives, Sustainability & New Product Development, Talent Acquisition and Corporate Culture.
Mr. Kruczinna stated that the newly structured entity of Pearl Polyurethane, combined with the reconfirmed long-term relationship with Covestro, enables to create win-win solutions for its existing and new customers, suppliers.
Pearl Polyurethane offers a wide range of polyurethane formulations and pre-polymers for the production of high-performance polyurethane foams and elastomers.