Tyco International Ltd. completes acquisition of 75 percent stake in UAE-based KEF Holdings. KEF Holdings is an integrated valve manufacturer and provide steel castings to oil and gas, chemical, mining, and power industries.
With this investment, Tyco gets a platform for growth and expansion in UAE. The new entity will offer customized design, engineering, testing, and aftermarket services in the region. For Tyco, the new entity will aid region-specific challenges.
Describing the $300 million acquisition as ?the most significant cross-boarder deal in the Middle East,? Patrick Decker, President of Tyco Flow Control, said the $18 billion group would utilize KEF?s regional market reach and technological knowledge to further expand across the globe.
Faizal Kotikollon, the founder of KEF Holdings, commenting on the deal also echoed Decker. He further added that new entity would bring together the best of breed products and services that are key to the industries in the Middle East.
Kottikollon said KEF?s range of valve and casting products would complement Tyco Flow Control?s portfolio of products and technologies. He also added that presence of Tyco in the region would help create big opportunities for new auxiliary industries to meet the requirement for components.
Currently, Tyco has more than 1,600 employees and 11 offices in Middle East.
Tyco International Ltd. is a diversified, global company that provides security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco reported revenue of $17 billion in the year 2010 and has staff strength of 100,000 employees worldwide.
Tyco Flow Control, a unit of Tyco International Ltd. is a leader in manufacturing of valves and controls, water and environmental systems, and heat management solutions.
Sources: Zawya, Khaleej Times