UAE insulation producer Pearl Polyurethane poised for growth – MEP MiddleEast

UAE insulation producer Pearl Polyurethane poised for growth – MEP MiddleEast

Specialist Dubai-based performance materials company Pearl Polyurethane Systems LLC is accelerating its growth course, after its parent entity Pearl Overseas Industries Ltd inked an agreement to acquire the remaining 51% shareholding in Pearl Covestro Polyurethane Systems LLC.

Pearl Industries will take its 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 the chief executive officer, 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.

The acquisition 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.

With roots extending back to Otto Bayer, the German inventor of Polymer in 1937, the original Dubai-based Joint Venture Bayer Pearl, which was founded in 2006 with technical support from Bayer AG, formed a joint venture on the foundation of its long-term partner Pearl, founded in Dubai in 1994.

The company has supplied polyurethane foam systems for several