Etex to develop gypsum-based activities in Oman
Belgian building materials group Etex has announced a partnership with mining company Kunooz Oman Holding to develop gypsum-based industrial activities in Oman.
Under the deal, Etex will take a 25 per cent stake in Kunooz Gypsum, a subsidiary of Kunooz Oman Holding. Financial details have not been disclosed. The agreement is expected to be completed in the second quarter.
Etex says gypsum boards play a key role in the construction industry and that the global market is forecast to grow by more than 4 per cent a year until 2032. Oman has large gypsum resources and a strategic location, giving the company strong local access to raw materials.
Chief executive Bernard Delvaux said the partnership went beyond gypsum mining and aimed to create added value and jobs in the Sultanate of Oman.
This is Etex’s first activity in Oman and in the Middle East. The group operates in 45 countries worldwide and employs 13,500 people, with annual sales of 3.78bn euros.
#FlandersNewsService | Etex CEO Bernard Delvaux © BELGA PHOTO ERIC LALMAND
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