Canada’s Canam Manac Group has concluded a joint venture agreement with Saudi Arabia’s Zamil Industrial Investment Company (ZIIC) for the production of steel beams. Production is set to begin over the next several weeks.
Canam Asia will operate a plant in Dammam, Saudi Arabia, with an annual production capacity of up to 22,000 imperial tons that will consist mainly of steel joists. Canam Manac will hold a 35 percent stake in the venture.
The Canam Manac Group is an industrial company specialized in the design and fabrication of steel components, semitrailers, and forestry equipment. It operates 21 plants in Canada, the United States, and Mexico. In 2001, sales reached one billion Canadian dollars ($642 million).
The Zamil Group was established in 1938 by the late Abdullah Al-Zamil. After his death, ownership was transferred to his heirs who created and developed the organization. The Zamil family announced in 1998 that it would convert its air conditioner, steel and glass operations into a public company.
ZIIC was capitalized at 300 million Saudi riyals ($80 million), comprising six million shares. Hamad Abdullah Al-Zamil & Bros holds 60 percent of the shares and 40 percent of the shares have been privately placed with investors in Saudi Arabia and Gulf Cooperation Council (GCC) countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com )