Perma-Pipe International forms JV with Gulf Insulation Group in Saudi Arabia

Perma-Pipe International Holdings has entered into a joint venture with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in the Kingdom of Saudi Arabia, Kuwait and Bahrain. This joint venture will be positioned to participate in Saudi Vision 2030, a strategic framework to diversify the Saudi Arabian economy through development of the public services sectors such as health, education, infrastructure, recreation and tourism. Gulf Insulation Group is a subsidiary of the Zamil Industrial Investment Company a Saudi Arabian public company and one of the largest industrial groups in the Middle East. The joint venture will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively. Formation of the joint venture is subject to approval of the Kingdom of Saudi Arabia General Authority for Competition.