Pearl Overseas Industries: Acquisition of remaining 51 % share in Pearl Covestro Polyurethane Systems

The specialist Dubai-based performance materials company Pearl Polyurethane Systems LLC announced that it is accelerating its growth course with its parent entity Pearl Overseas Industries Ltd signing an agreement to acquire the remaining 51 % shareholding in Pearl Covestro Polyurethane Systems LLC. Pearl Overseas Industries will take ownership in the company to 100 %, acquiring the additional shareholding from its former joint-venture partner, Covestro AG. Financial details were not disclosed.

Headed by incoming former-Bayer executive, Martin Kruczinna, who will take over the role of CEO, the newly independent company has been rebranded Pearl Polyurethane Systems LLC. Both parties have reconfirmed their ongoing partnership through a long-term supply and technical service agreement. According to the parties, this development marks a further positive step in the system house’s growth story over the past 25 years, resulting in Pearl Covestro becoming the prominent supplier for polyurethane systems across the Middle East.