With the acquisition of the respiratory division of Thimar Al Jazirah Company (TAC) in Saudi Arabia, Air Liquide enters the Home Healthcare market in the Kingdom, and expands its Healthcare activity in the Middle East.
TAC is a leading actor in the pharmaceutical, medical and dental industries within the Kingdom of Saudi Arabia (KSA). Acquired through a majority equity stake (60%), the TAC Home Healthcare division specializes in the distribution of respiratory equipments and sleep disorder diagnosis services for patients suffering from respiratory conditions (sleep apnea, ventilation, chronic respiratory failure). TAC is the main player in this field in Saudi Arabia, serving over 1,400 patients at home throughout the country. The Home Healthcare division of TAC generated a revenue of over €5.5 million in 2016.
This acquisition reinforces the healthcare position of Air Liquide in Saudi Arabia, where it already supplies medical gases to hospitals. It also represents the entry into a territory with high potential for Air Liquide’s Home Healthcare activity. The acquired entity has joined VitalAire, Air Liquide’s global brand for Home Healthcare.
With a population of over 32 million, rising healthcare needs and a commitment from public authorities to improve the quality of healthcare services in the Kingdom, the healthcare sector in KSA presents a strong potential with notably an increasing opening to foreign investors driven by the Saudi government’s 2030 Vision.
Francois Jackow, member of the Air Liquide Group’s Executive Committee, supervising Healthcare activities, said: “With this acquisition, Air Liquide pursues the development of its activity in Saudi Arabia and expands its Healthcare business in the Middle East. We are welcoming new TAC employees to Air Liquide’s operations and are looking forward to bringing high quality of service and first class innovations to patients in Saudi Arabia, as we do for more than 1.4 million patients around the world every day.”
Source: Air Liquide
Under the agreement, Agilyx and Technip Energies will collaborate with INEOS Styrolution and together develop the design and engineering that will serve as the basis for constructing the chemical recycling facility. The group anticipates completion of engineering in 2023, which will form the basis for a financial investment decision.
Michael Grun took over as the new CEO and President of the WeylChem Group of Companies. He was most recently employed as M&A advisor at WeylChem owner International Chemical Investors Group (ICIG). He succeeds Uwe Brunk, who has decided to step down from these functions after four and a half years and will in turn support ICIG in its growth projects in the future.
With this acquisition, Brenntag Essentials expands its business into key focus markets in Asia Pacific, including Singapore, Malaysia, Indonesia, and the Philippines. This is an additional step in Brenntag’s ongoing transformation process, driving its stringent execution of the Brenntag Essentials strategy to strengthen local capabilities and market coverage in high growth markets like Asia-Pacific.