Perma-Pipe International Holdings Inc. and The Kingdom of Saudi Arabia's Gulf Installation Group formed a joint venture to provide customers in Saudi Arabia, Kuwait and Bahrain with pipeline infrastructure, according to a press release on Jan. 6.
Perma-Pipe, which will control 60% of the joint venture, will supply customers with pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems, the release stated.
The partnership will participate in Saudi Arabia's strategic framework, known as Saudi Vision 2030, to diversify the kingdom's economy through its health, education, infrastructure, recreation and tourism sector developments.
"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," Perma-Pipe senior vice president Saleh Sagr commented in the release.
Saudi Arabia's Gulf Insulation Group, which will control the remaining 40% of the joint venture, is a subsidiary of the Zamil Industrial Investment Co., one of the kingdom's largest industrial groups.
"The Zamil Group is a trusted name in the Middle East," Perma-Pipe president and CEO Dave Mansfield said. "We are fortunate to partner with a quality organization that serves both coatings and construction markets."