Pearl Polyurethanes aims to double in size in new 5-year expansion plan

The newly independent company, Pearl Polyurethanes, a leading materials company covering the MENA region, plans to double its size and expand internationally over the next five years
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Dubai-based Pearl Polyurethanes (formerly Pearl-Covestro Polyurethane Systems) said it will capitalize on its past growth plans detailed in the new role its new CEO, Martin Kruczinna, took over in February.
successful experience
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The former Bayer executive oversaw an acquisition in which parent company Pearl Overseas Industries signed an agreement to acquire the remaining 51 percent of Pearl Covestro LLC from former German joint venture partner Covestro AG 's equity
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The deal closed on July 26 last month
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Pearl Polyurethanes has a long-term supply and technical service agreement with manufacturer Covestro to ensure consistent supply to existing and new customers, a company statement said
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Kruczinna commented: "The main driver behind Pearl Polyurethanes becoming a market leader in its field is the company's ability to combine the best of both worlds: the comprehensiveness of a global player and a strong commitment to personalized customer service, as well as the agility of a dynamic entrepreneurial enterprise to maximize value for our customers
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We do not want to change this efficient model, but want to expand our unique and successful business model into new markets, including geographically and scope of activity in new industry sectors
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He added: "Pearl Polyurethanes' newly formed entity, coupled with the reaffirmed long-term partnership with Covestro, enables us to create win-win solutions for existing and new customers and suppliers
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Kruczinna detailed a five-year growth plan known as PearlX2, outlining a structured strategy that rests on five main pillars
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- Geographical expansion
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Successfully surpassed Pearl Polyurethanes' current coverage and gained significant share in new markets outside the Middle East and North Africa (Mena) region, while further investing in Pearl Polyurethanes' international business to complement this growth
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- Diversity
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Enter and develop new business areas to complement the current core business for insulation applications
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- Strategic partnership
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Build partnerships with stakeholders at all stages of the value chain to deliver strategic value through international cooperation
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- R&D programs, sustainability and new product development
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The focus on R&D and sustainability is evidenced by the company's recent R&D program launched in May 2021, which aims to increase the thermal insulation performance of sandwich panels by 20%
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The company also plans to launch a new line of Pearl-branded polyurethane products as a way to increase its market share in existing service industries;

- Talent acquisition and corporate culture
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Recruit and develop talent through ongoing mentoring and training programs to further build the company's reputation for delivering industry-leading technical consulting and personalized customer service, while further building on the entrepreneurial and solutions-driven ethos Pearl is already known for
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“Our new growth plan aims to double the size of the company within five years
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While we plan to further increase our market share in selected North African Middle East countries, the real leverage will come from going beyond these boundaries and launching innovations of new products
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Our strategic location in Dubai as a regional trade hub gives us easy access to several attractive markets
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We expect our unique value proposition to be able to reliably deliver at competitive prices High quality service and products, valued in new international markets
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We intend to capitalize on these growth opportunities to position Pearl Polyurethanes as the preferred polyurethane solutions partner for customers in a growing number of industries, not only in the Middle East, but also internationally The same is true
for the past," Kruczinna concluded
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The company, formerly Bayer Pearl and Pearl Covestro, has been operating in the Middle East for more than 25 years.
The company's history can be traced back to Otto Bayer, the inventor of German polymers in 1937
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The company has supplied a portfolio of polyurethane foams for several projects in the Gulf, including Palm Jumeirah, Downtown Dubai and Ski Dubai in the Mall of the Emirates
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Pearl Polyurethanes offers a comprehensive line of polyurethane formulations and prepolymers for the production of high performance polyurethane foams and elastomers
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