Mulk Holding, Aldom Group sign deal for Turkey facility.
DUBAI -- UAE-based Mulk Holdings and Turkey's Aldom Group have signed a joint venture agreement for establishing a manufacturing facility for the former's core product in Turkey.
The plant will be one of the largest overseas manufacturing bases of Mulk Holdings. Alubond u.s.a is the core product of Mulk Holdings and has achieved the world's largest composite panel brand status with existing bases in the US, Europe, the UAE and India.
"We are extremely delighted at this joint venture agreement and establishing a partnership with Aldom group who brings us strategic advantage in their local market knowledge and expertise," chairman Shaji Ul Mulk said at the signing ceremony in Dubai.
The joint venture agreement is for manufacturing Alubond u.s.a fire rated building facade panels and aluminium coil coatings. Mulk Holdings will own 70 per cent shareholding and Aldom Group will have the remaining 30 per cent. "The decision to manufacture in Turkey is in line with our market strategy of being inside key metal composite markets," Ul Mulk added.
The factory will be located in Istanbul at the existing facility of the Aldom Group and will have a production capacity of three million sqm. The anticipated total investment will be over $28 million taking Alubond's capacity to over six million sqm in Europe with the Serbia Plant.
This new expansion will consolidate Alubond's global position of leading the facade industry and further strengthening UAE--Turkey investment and business relationship. The new capacity of another three million sqm takes Alubond's global capacity to 18 million sqm making it by far the largest composite panel brand in the world, according to the company.
"Aldom have a history of being the largest aluminium composite panel distributors in Turkey. We were distributors for many years for Japanese brand Alpolic. We switched over to the Alubond u.s.a brand mainly due to the superior quality and the largest product range of having A1, A2, B1 and B fire rated composite panels plus their aggressive pricing policy. We are delighted that our relationship as a distributor is now changing into partnership. Alubond has been present in the Turkish market for the past seven years and we have no doubt that within two years we will have a major share of Turkish market," managing partners Erald Pau and Muzzafer Boynudelik said.
The signing ceremony was held in the presence of dignitaries such as Shaikh Majid Al Nuaimi, Shaikh Khalid Al Hamed, UAE Ministry of Foreign Trade undersecretary Abdullah bin Ahmed Al Saleh, Sharjah Hamriya Free Zone, Ports and Customs director general Dr Rashid Alleem, Ambassador of India to the UAE M.K. Lokesh, Commercial Attache of the Consulate General of the Republic of Turkey in Dubai Serdar F. Kumbaraci, Dubai Civil Defence acting director-general Col Hamdan Al Raisi, high-ranking government officials and VIPs from the business communities of the UAE, Europe and Turkey.
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