acquires Italian factory
To penetrate Europe after expansion in UAE
Baalbaki Chemical Industries (BCI) Holding, a subsidiary of local group Unimetco Holding and manufacturer of polyesters, pre-polymers, and specialty adhesives, acquired 70 percent of the Italian polyurethane systems manufacturer Polysystem.
The business will be integrated within its European subsidiary BCI‐Polyurethanes Europe, which was established in Italy with the Italy-based Dollmar Group.
BCI Holding has earmarked 30 million euro ($32 million) of capital for BCI-Europe and its European investment program.
“Around 25 percent of the world’s demand for polyurethane systems comes from the surrounding area of the factory acquired in Italy,” said Ihsan Baalbaki, Chairman of BCI Holding. He said that this step will be a good opportunity to be a solution provider for such a huge market.
Polyurethane is a composite material used to manufacture foam seating, insulation panels, wheels and tires, adhesives, surface coatings, synthetic fibers, hard-plastic parts, condoms, and hoses.
The manufacturing facilities in Italy are built on a 7,000 square meter industrial property in the northern city of Vedano Olona. They have the capacity to produce more than 20,000 metric tons of polyurethane systems.
BCI Holding opened a manufacturing facility in the UAE, last November. It is located on a 30,000 m2 industrial property with a 15,000 m2 built-up area. The new facility added 40,000 metric tons per year of polyester polyols and pre-polymers.
Baalbaki said that this facility will enable BCI to serve the Gulf region, India, and the South East Asian markets efficiently.
BCI Holding also has facilities in Egypt and operations in Turkey, Jordan, Algeria, and Nigeria.
Date Posted: Jan 27, 2016