Al Muqarram Industry (AMI), Sharjah-headquartered industrial firm, has received an investment of roughly $57 million from European manufacturing company, Soudal Group in line with its new partnership.
According to the statement from the companies, the deal will help the combined entities become one of the largest construction material manufacturers in Europe, the Middle East and the Africa region.
The AMI and Soudal Group partnership is expected to expand their combined market share by 50 percent in the Middle East to reach a global market share of 40 percent over the next three years.
“From a projected sales revenue growth of about 15 percent to hit the $40 million mark by the close of 2021, we expect to register 20 percent growth to reach $49 million in 2022 driven by the expanded production capacity and a wider product portfolio.”
Over the next three years, exports are expected to increase by approximately 40 percent, with year-on-year growth of more than 20 percent in most GCC countries, as well as Egypt, Jordan, Morocco, and East Africa.
“This partnership completes one of our long-term goals, which was to break into the wider GCC market. Our partnership with AMI now gives us an opportunity to contribute significantly to the region’s infrastructure projects by bringing new technologies and innovations to the market,” said Mr. Dirk Coorevits, Managing Director of Soudal Group.
Based in Sharjah and Umm Al Quwain, AMI manufactures sealants, waterprooﬁng products, adhesives, vehicle care and maintenance items, aerosol sprays, health and hygiene products and sanitizer liquids and sprays.
Soudal Group, the largest independent European manufacturer of sealants, adhesives and polyurethane foams for industrial and commercial purposes, has 23 production branches worldwide, sales offices in 45 countries and employs around 3,654 people.