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Pentair, a global manufacturer of fluid handling, thermal management and equipment protection products, is planning to invest $50 million in expanding its operations in the UAE, reports the Pakistan Observer.
At a press conference at Pentair’s sand casting and industrial valve manufacturing facility in the Hamriyah Free Zone, Randall J. Hogan, chairman and CEO of Pentair, told reporters Pentair wants to increase its $400 million current turnover in the UAE to $1 billion in the next five years, according to the Observer.
In particular, the company is looking to invest in a new pump manufacturing facility in the region, the Observer reports.
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Hogan told reporters the company plans to increase turnover to $10 billion—an increase by $2 billion, of which $600 million will come from the UAE operations, according to the Observer.
Pentair previously bought the assets of KEF Holdings for $400 million from UAE-based entrepreneur Faizal Kottikollon, who has been named as the honorary chairman of Pentair Gulf, the Observer reports. Kottikollon said the Middle East market for valves and casting is worth $4 billion with plenty of growth opportunities.
Pentair has 100 manufacturing plants and 90 service centers in six continents, employing 30,000 people.