MESA, Ariz. (Jan. 27, 2010)—American Insulock Inc., a manufacturer of polyurethane insulating blocks, is planning to establish a plant in Riydah, Saudi Arabia, which, when completed, will produce 130 million Insulock Blocks per year.
The project is a joint venture with the Woodbridge Foam Corp., Al Mobty Co. and the Hinduja Group (L&T Group).
Woodbridge and Al Mobty and have committed more than $17 million to the project, while American Insulock said it will retain a 20 percent equity participation.
The Mesa-based company also said it is investigating setting up production facilities in locations including China, India, Iraq, South Africa and Haiti.
Woodbridge, a PU specialist, is manufacturing the company's Insulock Block product line in St. Louis, for distribution in the U.S. Holllow Insulock Blocks are made using closed cell PU and are designed to be filled with concrete during construction.
The announcement is part of American Insulock's corporate strategy, adopted following the appointment of new directors in December. The new appointments were a result of a group of shareholders filing a resolution Oct. 20 with the Canadian province of British Columbia suggesting the firm's then board of directors and upper management should be removed from office.
The company said it is in the process of terminating all previous agreements, affiliations, relationships and alliances executed by the prior management.
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.