Georg Fischer acquires majority stake in Corys Piping Systems in Dubai
02 November 2023 12:23
The Schaffhausen-based Georg Fischer AG is acquiring a 51 per cent majority stake in Corys Piping Systems (CPS), a Dubai-based piping systems specialist, according to a statement. The new joint venture will create a leading company for premium flow solutions in all relevant segments in the region, it said.
The company, GF Corys, will include sales offices and manufacturing facilities in the United Arab Emirates, Oman, Bahrain and Kuwait, and will employ about 450 people, writes GF. The CPS management team will stay in place and will be supported by a team from GF to ensure the continuity of the company. In the near future, the company says it plans to establish a flagship customer and training center in the United Arab Emirates and expand local production capacity.
"With this joint venture, we are creating the market leader for sustainable piping solutions in the region, an important economic hub that offers a lot of growth potential," commented Andreas Müller, CEO of GF. He said the aim is to use innovative piping solutions to ensure water security and the safe, sustainable transport of fluids.
GF and CPS, which was founded in 1977, can look back on a long-standing partnership, according to the statement. CPS achieved sales equating to around 80 million Swiss francs in 2022. “As a group, we have a transformative vision for sustainable growth in the Middle East, and CPS has played a vital role in turning that vision into reality. We are excited to join forces with GF and to offer excellent services to our current and future customers,” said Mohammed Abdulghaffar Hussain, Executive Director of Green Coast Enterprises, the holding company of CPS. ce/gba