Red Sea Housing enters into shareholders agreement with Sherwin-Williams

The venture will trade under the name 'Premier Paint Company' with headquarters and manufacturing facilities based in Jeddah.

The initial focus will be on manufacturing and supplying Sherwin-Williams' commercial, architectural and light industrial coatings in the growing paint markets in the MENA region, which recorded a recent high demand.

Founded in 1866, Sherwin-Williams is a global leader in the manufacture, development and distribution of paints and coatings, and offers related products, to professional, industrial, and commercial customers.

Furthermore, the company has a network of more than 4,000 outlets around the world that distribute their various products, which have contributed to an astonishing total sales of more than $8.76bn equivalent to SR32.85bn in 2011.

Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services, said, "We are pleased to enter into this partnership with Sherwin-Williams. We believe that Red Sea Housing's local market understanding and reach across the region coupled with Sherwin-Williams' world-class paint manufacturing capability and the know-how will ultimately deliver greater benefits to a broad range of customers in Saudi Arabia and the region."

"Today the MENA region is bursting with opportunities and we believe that the high-specification product line of the 'Premier Paint Company' will become the first choice for the region's construction industry and for the retail market," he added.

"This new partnership creates a perfect opportunity for us, to move ahead with our aggressive growth strategy, characterized by entering the paint and coating market which is expected to reach SR10bn by 2014 across the Middle East -according to 'Frost & Sullivan' statistics report- in addition, to further expand the company's marketing activities for the coming period, which will help increase our regional and global market share by expanding the current business lines," he concluded.