Hempel announces new subsidiary in Oman as part of global growth agenda

Hempel further revealed that it has achieved a compound annual growth rate (CAGR) of 35% over the past five years in Oman, an important milestone that has influenced the company's aggressive expansion plan in the country.

With a projected government expenditure of $10bn in various construction projects for the financial year 2012 alone, representing an increase of 23% over the previous year, Oman has emerged as a key growth market for Hempel's decorative, marine and protective coatings. Hempel's efforts to expand its retail network across the Sultanate is therefore part of its strategy to serve an ever-increasing customer base that now demands for more sophisticated and premium-quality paint products and finishes.

Mark Rees, Group Vice president and Area Director Middle East - East said: "We are taking our growth plans in Oman to the next level by bringing our products, services and our own personnel closer to the market. Moreover, the establishment of Hempel Oman underlines the exciting growth opportunities that have emerged in Oman in light of the government's economic development strategy as well as increasing investments from the public and private sector for various high-profile development projects. Hempel aims to boost our network of strategic partners, including suppliers, architects, clients, consultants and contractors. With a dedicated team now running our operations in the country, we are confident that Hempel is in a strong position to reach out to more potential clients and take advantage of the unprecedented boom in demand for decorative, marine and protective paint solutions in Oman."

Jacob Kuruvilla, Hempel Oman LLC Country Manager added: "Hempel has been supplying premium-quality decorative, marine and protective coatings in Oman since 1988 through an agency agreement with Samco Trading & Contracting Co. Having served the domestic market from more than two decades, Hempel has established a leadership position within Oman's protective and marine coating segments. The company now aims to further consolidate its market stronghold with the establishment of the new subsidiary Hempel Oman".

Hempel takes advantage of its extensive network of manufacturing units and sales offices to supply a wide range of paint solutions for various projects in the oil & gas and shipping sectors, as well as decorative paints for villas, apartments, hotels, hospitals, and infrastructure projects. Hempel was founded in 1915 and is approaching 100 years of being a leading global supplier of decorative, marine and protective coatings. The company has been operating in the Middle East for more than 30 years.