Geomembrane producer Gundle/SLT Environmental Inc. became sole owner of a manufacturing operation in Egypt after the Jan. 24 buyout of its partner's 49.99 percent interest.
GSE paid $4 million to Hyma Foam Hyma Plastics Co. for its stake in a geomembrane production line and business on the outskirts of Cairo, and agreed to buy another line leased to the joint venture at the end of 2003 for $950,000. The former joint venture, Hyma/GSE Manufacturing Co., was formed in November 1996.
Sole ownership of the Egyptian business will allow GSE to expand sales to other countries in the Middle East and Africa, Samir Badawi, GSE chief executive officer, said in a Jan. 27 news release. It also will help GSE capitalize on growing opportunities in Egypt as government programs rebuild infrastructure for water management and sanitary landfills.
GSE of Houston has geomembrane manufacturing plants in the United States, Canada, Germany, United Kingdom, Thailand and Egypt.