Mulk Holding's Alubond signs new JV deal in Turkey
Base to be one of Mulk Holding's largest overseas manufacturing posts
Mulk Holdings has announced a Joint Venture agreement with Aldom Group Turkey to set up shop and manufacture Alubond U.S.A fire rated building façade panels and aluminium coil coatings.
The factory will be located in Turkey’s largest city Istanbul on the Aldom Group’s existing facility, which has a production capacity of three million square metres.
Under the terms of the agreement, Mulk Holdings will own some 70% of the shareholding and Aldom Group 30%.
“We are extremely delighted at this joint venture agreement and establishing a partnership with Aldom Group, who bring us strategic advantage in their local market knowledge and expertise,” said Mulk Holdings chairman Shaji Ul Mulk.
“The decision to manufacture in Turkey is in line with our market strategy of being inside key metal composite markets.”
Alubond U.S.A is the core product of Mulk Holdings.
Anticipated total investment will be more than $28m.
The Turkish facility will be one of the largest overseas manufacturing bases of Mulk Holdings.
The deal was announced in a glittering ceremony held at Dubai’s prestigious Burj Al Arab recently.
Mulk managing partners Erald Pau and Muzzafer Boynudelik also warmly welcomed the deal.
A joint statement said: “Aldom has a history of being the largest aluminium composite panel distributor in Turkey .
“Alubond has been present in the Turkish market for the last seven years and we have no doubt that within two years we will have a major share of the Turkish market.”
The joint venture announcement was attended by a UAE ‘Who’s Who’ and many other distinguished international guests.
Chairman Shaji Ul Mulk was joined by Aldom Partners Muzaffer Boynudelik and Erald Pauw and H.E Sheikh Majid Al Nuaimi, H.E Sheikh Khalid Al Hamed, H.E Abdullah Bin Ahmed Al Saleh - Undersecretary Ministry of Foreign Trade in UAE, Dr. Rashid Alleem Director General of Sharjah Hamriya Free zone, ports and Customs, H.E M. K. Lokesh, the Ambassador of India, Mr. Serdar F. Kumbaraci, the Commercial attaché of the Consulate General of the Republic of Turkey in Dubai, Col. Hamdan Al Raisi the Acting Director General of Dubai Civil Defense and high ranking government officials and prominent members of the VIP Business community from the U.A.E, Turkey and elsewhere.