Geomembrane firm acquires Epyptian venture

Gundle/SLT Environmental, Inc. (GSE), a manufacturer of geosynthetic liners and services, has announced the purchase of its joint-venture partner’s 49.99% interest in an Egyptian geomembrane manufacturing venture. GSE, a Houston, TX-based company with facilities in Calgary, AB and Barrie, ON, has acquired the Egyptian operation from Hyma Foam Hyma Plastics Co. for $4 million. GSE has also agreed to purchase a second geomembrane manufacturing line currently under lease to the j-v by the end of 2003 for $950,000.
"Egypt’s a huge market for geomembrane right now," said GSE spokesman Mark Harris. "The Egyptian government is encouraging settlement of desert regions and building canals to divert water into these areas, as well as for infrastructure needs."
According to a press release, GSE’s buyout of its partner will allow the Egyptian plant to manufacture products for export into the Middle East and Africaa strategy that had been previously restricted by the j-v agreement.