American Insulock Inc., a developer of polyurethane insulating blocks, plans to establish a new manufacturing facility in Riyadh, Saudi Arabia, in partnership with PU specialist Woodbridge Group, Al Mobty Co. and London-based Hinduja Group (L&T Group).
When completed, the plant will produce 130 million Insulock Blocks per year, according to the companies.
Woodbridge and Riyahd-based Al Mobty have committed over $17 million to the project, while American Insulock will retain a 20 percent equity participation, according to a Jan. 26 news release from Mesa-based American Insulock. The company also is investigating setting up new production facilities in locations including China, India, Iraq, South Africa and Haiti.
Mississauga, Ontario-based Woodbridge, a PU specialist, currently manufactures the Insulock Block product line in St. Louis for distribution in the U.S. Woodbridge acquired 10.4 percent of the outstanding common shares of American Insulock in October 2008.
The announcement is part of American Insulock's new corporate plan, adopted following the recent appointment of new directors. The company said it is terminating all previous agreements executed by the prior management.
Hollow Insulock Blocks are made using closed-cell PU and are designed to be filled with concrete during construction. They replace the standard gray concrete masonry units in construction applications. The blocks have 51/2-inch round voids that allow them to interlock without the use of mortar.
New directors Cynthia Corbin, Glen Roberts and Chairman Randy Innis were appointed after a group of American Insulock shareholders filed a resolution Oct. 20 in British Columbia suggesting that American Insulock's directors and upper management at that time should be removed from office. At the core of shareholder complaints was the assertion that company officials had done an inadequate job of disclosing company financials and activities by way of annual general meetings or investor relations.
Copyright 2010 Crain Communications Inc. All Rights Reserved.