Business
Perma-Pipe International Holdings Inc. announces the formation of a Joint Venture in The Kingdom of Saudi Arabia
SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has entered into a joint venture with Gulf Insulation Group in The
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":" SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has entered into a joint venture with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in the Kingdom of Saudi Arabia, Kuwait and Bahrain. This joint venture will be positioned to participate in Saudi Vision 2030, a strategic framework to diversify the Saudi Arabian economy through development of the public services sectors such as health, education, infrastructure, recreation and tourism.\n\nGulf Insulation Group is a subsidiary of the Zamil Industrial Investment Company a Saudi Arabian public company and one of the largest industrial groups in the Middle East.\n\nThe joint venture will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively.\n\nFormation of the joint venture is subject to approval of the Kingdom of Saudi Arabia General Authority for Competition.\n\nSaleh Sagr, Senior Vice President for Perma-Pipe’s MENA region commented, “I am pleased to partner with Gulf Insulation Group to combine our strengths and better serve our customers through new products and expanded services and capabilities.”\n\nDave Mansfield, President and CEO commented, “The Zamil Group is a trusted name in the Middle East. We are fortunate to partner with a quality organization that serves both coatings and construction markets.”\n\nPerma-Pipe International Holdings, Inc.\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.\n\nGulf Insulation Group\n\nGulf Insulation Group “GIG” is a regional leader in the insulation business. GIG operates as a manufacturer and supplier of a complete range of insulation materials based in Riyadh, Saudi Arabia, with manufacturing plants located in Riyadh, ...