Zamil Industrial Investment Company (ZIIC) of Saudi Arabia has decided to further expand its international reach through GeoClima, Italy, and increased its capital ownership by 15 percent, bringing its total shareholding in the company to 85 percent.
ZIIC has originally acquired 70 percent of GeoClima in the third quarter of 2000. GeoClima, based in Italy, is a company specialized in manufacturing Water Chillers, a major component in central air conditioners' manufacturing that is used for commercial and industrial projects, which complements its world class air conditioning product range.
It is also worth mentioning that ZIIC through Zamil Air Conditioners (ZAC), one of ZIIC three units, owns the technology of GeoClima in designing and manufacturing Chillers with capacities ranging from 10 to 600 tons.
“ZAC has transferred the technology to Saudi Arabia and has started manufacturing applying the technology in its factories in Dammamm” Adib Al-Zamil, ZIIC managing director, said. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
