Mubasher: MAPEI Group, a leading Italian manufacturer of chemical products for use in the building industry, acquired a 100% stake in Saudi Arabia-based Bitumat.

The acquisition aligns with the group’s expansion plans to strengthen its presence in the Middle East region, according to a press release.

Owned and developed by Gulf Investment Corporation (GIC), Bitumat’s reach will enable MAPEI to leverage key source markets.

Bitumat’s infrastructure includes its main factory, spanning an area of over 100,000 square metres in the Saudi city of Dammam, and a manufacturing plant in Bahrain.

The waterproofing solutions manufacturer has offices and warehouses in Riyadh and Jeddah, in addition to sales offices in the UAE and Oman.

Veronica Squinzi, CEO of MAPEI Group, said: “At MAPEI, our revenue increased by over 37% in 2022, and we made important regional investments in recent years.”

Stefano Iannacone, Regional Director of MAPEI for Middle East and Africa, stated, "The Bitumat acquisition represents MAPEI Group’s first direct industrial investment in Saudi Arabia, a strategic decision focused on boosting our manufacturing output in line with the Kingdom’s Vision 2030 objective to use locally manufactured materials to support the impressive development KSA is currently undergoing.”

“By leveraging MAPEI’s global expertise and Bitumat’s specialised product range, we are poised to enhance our solution offerings to augment development and sustainable infrastructure needs in the region,” Iannacone added.

Acquiring Bitumat will foster MAPEI’s portfolio of waterproofing solutions and enlarge the Italian multinational’s competitiveness in regional markets.

Its footprint will be expanded to 102 subsidiaries across 57 countries and 90 manufacturing plants in 35 nations globally, with a robust workforce of more than 11,900 employees.