Tyco International completes KEF Holdings buyout

Tyco Flow Control has completed its $300m, 75% acquisition of KEF Holdings (Getty Images)

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Tyco Flow Control, a unit of Tyco International, the security products and services provider, announced on Sunday that it had completed its acquisition of a $300m, 75% equity stake in the UAE-based valve manufacturer, KEF Holdings.

The deal agreement means that Tyco will be able to establish its capability to design and manufacture products in the region, while strengthening its ability to provide local services to customers, the company said in a statement.

“This acquisition gives us a solid platform for growth and expansion in the Middle East region,” said Patrick Decker, president of Tyco Flow Control.

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“It provides us with a local, fully integrated manufacturing facility in the region while broadening our product portfolio to serve the needs of our customers worldwide,” he added.

The combined entity will offer customised design, engineering, testing and aftermarket services.

Faizal Kottikollon, founder and CEO of KEF Holdings, added that the new entity would help customers overcome region-specific challenges due to it being the only valve manufacturer with an integrated foundry and valve manufacturing plant in the GCC region.

Tyco confirmed that with the buyout complete, it would increase hiring of local talent.

“For nearly four decades, Tyco has invested in its growing presence in the Middle East, and this acquisition is another example of our ongoing commitment to the region,” David Dunbar, president, Valves & Controls, Tyco Flow Controls, said.

“As we continue to build our business in the Middle East, we will employ local talent and continuously seek opportunities to help grow and develop local communities,” he added.

Currently, Tyco Flow Control has more than 15,000 employees in more than 300 locations globally.