Riyadh, November 29th 2018
Italmatch Chemicals Group and SADIG Industries signed a Joint Venture agreement to build a Phosphorus Chemical industrial integrated complex in the KSA, establishing manufacturing both in the Northern area as well as in Jubail , which will require investments in the order of US$ 300Mn US , including downstream manufacturing, and will create a brand new industry Cluster, in line with both VISION 2030 and IKTVA program
“The project will fully meet KSA’s IKTVA vision to create new local manufacturing industries, which will add significant value to the Kingdom, create new qualified occupation, based on KSA’s strong raw materials and energy position” Ing Sergio Iorio, Italmatch Group CEO, highlights. “Italmatch is the global leader in Phosphorus and Derivatives, with more than 80 years of accumulated experience in this chemistry.
Italmatch, through the JV with SADIG, makes available its solid experience and technological expertise to create a new industrial Cluster, which will contribute to the Kingdom’s Vision 2030.
Italmatch moreover, being the market leader in both antiscalant and other performance additives solutions for Kingdom’s key Markets, like Oil & Gas and Desalination, intends to invest in local downstream portfolio manufacturing, fitting the Kingdom’s needs for such growing markets. The expected downstream investment will also satisfy the demanding challenges of IKTVA Program, providing the best available technologies”, Iorio said.
Carlos Galeano, with more than 30 years of experience in the Phosphorus Industry, will lead the wholly owned Italmatch’s subsidiary, Italmatch Middle East Co, and will also serve as first CEO of the Joint Venture
“I am extremely happy and proud to make my experience fully available for this project in the Kingdom”, Galeano said, “and will do all possible efforts to successfully complete the project by delivering competence, experience and technologies, contributing to the growth of local qualified workforce in the Kingdom, working side by side, with an extremely valuable Local Partner”
Eng. Abdullah Bugshan, SADIG Industries Chairman, highlights that “the Joint venture is in line with the VISION 2030 and we are thankful for the supportive role of the Saudi Arabian General Investment Authority and the Ministry of Energy, Industry and Mineral Resources”.
Eng. Ahmad Alubaid, Managing Director, SADIG Industries, stated that “SADIG group is developing project portfolio constituting 3 generations of projects that will add to the diversification and development of downstream industries. The Joint Venture is part of SADIG Industries’ strategy and plan to bring technical knowhow to manufacture phosphorus, phosphorus-based derivatives, and specialty chemicals in the kingdom and create quality and stable long-term jobs. Overall, the JV, SADIG and ITALMATCH downstream projects will create over 300 direct quality jobs through a total investment of USD around 300 Million. We envision that the JV will introduce new chemicals that will enable further downstream industries in the Kingdom and will add value to local economy and country’s export”.
About Italmatch Chemicals Group
founded in 1997, Italmatch Chemicals, is a leading innovative chemical group, specialized in performance additives for water treatment, desalination, oil & gas, lubricants and plastics, and boasts a wide product range able to fulfil the requirements of the most demanding applications, including personal care.
The group generates 450 million Euros in revenues and operates through seven manufacturing plants in Europe (Italy, Spain, Germany and UK), five in Asia Pacific (China, Japan and India), five in North America (USA) and sales/distribution subsidiaries in Brazil, Belgium, China, Japan, India, Poland, Singapore and the USA. It employs over 800 workers.
Bain Capital Private Equity, a leading global private investment firm, recently acquired the majority of Italmatch Chemicals together with the management in October 2018 and is committed to further supporting the company’s growth to the next level.
About SADIG Industries
SADIG industries is based on creating value added industries and services in the kingdom. Company’s core philosophy resonates with that of Kingdom’s vision 2030 on diversification, innovation and employment generation within the Kingdom and focuses on business verticals namely downstream industries and consultancy services.
Links
https://twitter.com/sagiagov/status/1068137499879514112?s=12
