Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has entered into a joint venture with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in the Kingdom of Saudi Arabia, Kuwait and Bahrain. This joint venture will be positioned to participate in Saudi Vision 2030, a strategic framework to diversify the Saudi Arabian economy through development of the public services sectors such as health, education, infrastructure, recreation and tourism.
Gulf Insulation Group is a subsidiary of the Zamil Industrial Investment Company a Saudi Arabian public company and one of the largest industrial groups in the Middle East.
The joint venture will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively.
Formation of the joint venture is subject to approval of the Kingdom of Saudi Arabia General Authority for Competition.
Saleh Sagr, Senior Vice President for Perma-Pipe’s MENA region commented, “I am pleased to partner with Gulf Insulation Group to combine our strengths and better serve our customers through new products and expanded services and capabilities.”
Dave Mansfield, President and CEO commented, “The Zamil Group is a trusted name in the Middle East. We are fortunate to partner with a quality organization that serves both coatings and construction markets.”