Published September 10th, 2006 - 10:03 GMT

Alghanim Industries is acquiring Izocam A.S., the leading Turkish company in the insulation products sector.  The purchase of Izocam, from the Koç Group, is being made jointly with Saint-Gobain Isover, a leading French global construction products manufacturer.  Alghanim Industries and Saint-Gobain will, on a 50/50 basis, acquire 61.2% of Izocam’s shares currently held by the Koç Group, and then launch a tender offer on the Istanbul Stock Exchange for the remaining shares of Izocam as required under Turkish law.

Kimmco, a subsidiary of Alghanim Industries, and a market leader in insulation products in the Middle East, has been a glass wool licensee of Saint-Gobain in the Gulf countries for more than 25 years.  Izocam has been a licensee of Saint-Gobain for more than 40 years.  As a market leader in insulation in Turkey and parts of the Middle East, Izocam had sales of approximately 120 million euros in 2005 with a workforce of approximately 450 people.

Izocam is the only manufacturer in Turkey operating in all insulation market segments.  Izocam produces glass wool, stone wool, extruded polystyrene (XPS) and expanded polystyrene (EPS) foams, elastomers and sandwich panels.  Izocam has four plants in Turkey in Tarsus, Gebze, Eskisehir and Umraniye.

Through this acquisition, Alghanim Industries and Saint Gobain will take a prominent position in Turkey's fast-growing construction market. “This joint venture truly demonstrates our commitment in fulfilling our company’s vision and becoming the most successful and admired company in the region,” said Mr. Kutayba Yusuf Ahmed Alghanim, Chairman of Alghanim Industries.

With this bold move, Alghanim Industries expands its reach into Turkey and beyond, with significant industrial manufacturing operations stretching from Europe to the Middle East to India.  “This is a key achievement for us, both in terms of partnering with the world's leading construction products manufacturer and enabling us to implement our global expansion plans,” added Mr. Omar Kutayba Alghanim, CEO Alghanim Industries.

This acquisition is subject to the approval of the Turkish Competition Authority.


About Alghanim Industries:

During the past 60 years, Alghanim Industries has consistently maintained its position as a leading private sector trading and industrial group both in Kuwait and the GCC. It is a privately owned, professionally managed holding company. The executive management is composed of professionals with international education and experience in varying areas of expertise. Overall, with the company’s wholly owned subsidiaries, joint ventures and associations, Alghanim Industries employs over 6000 men and women from over 40 different countries around the world.

The company’s major areas of activity are trading and distribution of consumer electronics, food and consumables, automotive vehicles and products, industrial manufacturing, engineering, technology, travel, shipping and transportation services, advertising, insurance and contracting.

Furthermore each of Alghanim’s separate businesses employs operating autonomy with its own general manager, marketing managers and finance managers. Corporate policy matters remain centrally controlled and direction is provided through strategic business planning processes, quarterly operating review meetings and long term forecasting.

Multinational in both outlook and operation, Alghanim Industries has offices in countries that span four continents. The diverse nationalities of the employees contribute to the company’s strength and widen its perspective. Alghanim Industries has successfully fused progressive business procedures, local market place requirements and international resources.

Alghanim Industries is a successful, professional and committed trading organization, which continues to add value to the economy and the well being of Kuwait.


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