Dubai-based performance materials company Pearl Polyurethane Systems is accelerating its growth course with its parent entity Pearl Overseas Industries. It signed an agreement to acquire the remaining 51% shareholding in Pearl Covestro Polyurethane Systems.
Pearl Industries will take ownership in the company to 100%, acquiring the additional shareholding from its former joint-venture partner, Covestro AG.
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. Financing of the deal was provided by HSBC Bank.