Soudal realizes most expensive acquisition ever in full Corona crisis

In Sharjah/Dubai, the Turnhout-based producer of adhesives, mastics and PU foams acquires the company Al Muqarram Insulation Material Industry LLC, a family business group consisting of 3 companies with 2 production sites. 

Al Muqarram Insulation Material Industry LLC is has manufacturing units in two locations within the Emirates: in Sharjah and Umm Al Quwain, with a total of 250 employees. The company, started in 1999, produces a number of brands including Dolphin as the main one. In 2020, Al Muqarram was nominated as one of the 'Super Brands 2020' and received the prestigious 'Sharjah's Excellence Award'. 

Both in terms of product range and geographically, Al Muqarram has a high complementarity with Soudal. The company is commercially very strong in the Gulf, East Africa and Southwest Asia, which, although not unknown to Soudal, are less developed markets. Its extensive product range, which includes mastics and foams, includes a number of products that will generate complementary business for Soudal, such as tapes and certain adhesives and aerosols. 

Dirk Coorevits, CEO of Soudal and nominated for Manager of the Year for the third time by Trends earlier this month, is delighted with the acquisition: "We are proud of this new international acquisition, this time in an explosively growing construction market like the Middle East. Al Muqarram's mission statement, 'High quality at par with local standards' fits very well with Soudal's 'Think global, act local'. As a local manufacturer, they are firmly rooted in their region, as evidenced by the various 'Civil Defense Certificates' the company has to its credit. This acquisition also aligns closely with our international growth ambitions and our philosophy of producing in close proximity to the market."