- Saint-Gobain and the Kuwait-based company Alghanim Industries - which are already partners in insulation manufacturing joint ventures in Turkey (Izocam) and Saudi Arabia (SIIMCO) - have decided to extend their partnership to Kuwait.

They have now become joint venture partners in KIMMCO.

This company, as the other common joint-ventures, will be managed jointly by both partners and will be consolidated in Saint-Gobain's accounts.

KIMMCO is the regional leader in insulation with a glasswool manufacturing plant in Shuaiba-Kuwait, operating under license from Saint-Gobain ISOVER.

It reported total sales close to about €70m in 2016 selling in Kuwait and to the Middle East.

Saint-Gobain said the market was dynamic, driven by increasing awareness around energy efficiency and insulation needs, and regional weather conditions.

It said the acquisition was in line with the group's strategy of expanding its presence in new geographies.

At 9:47am: [LON:COD] Compagnie De StGobain share price was +0.23p at 49.01p

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