Alessa, Huntair set up $200m JV
Dubai, November 25, 2009
Alessa Industries, a top Saudi-based manufacturer of air-conditioners, has established a joint venture company with Huntair Group of the US, pioneers in air handing units, with an investment of more than $200 million.
The pact was revealed at the ongoing Big 5, the international building and construction show in Dubai.
Ahmed Saeed Al Omari, CEO of Alessa Industries, explained that the new company’s goal is to share the industrial and market experience in addition to increase the manufacturing lines of Alessa Industries combined with innovation and technology.
Al Omari added that the agreement includes training the Saudi engineers in the fields of manufacturing and design in the US, as well as educating technicians and market specialists at Huntair, a member of the Nortak International companies.
He said that the company’s direction to invest over $200 million was based on market studies of the supply versus demand rates, which clearly conveyed the boosting demand to increase the production of high quality air handing units, especially with the increased public and private projects and increased population rate. – TradeArabia News Service