Friday 24 May 2024

Ducab Metals Business strengthens global position with GIC Magnet acquisition

DUBAI, April 21, 2024

Ducab Metals Business (DMB), a leading supplier of high-quality copper and aluminium solutions, has announced the strategic acquisition of GIC Magnet as part of its ongoing efforts to expand its product portfolio and global market presence. 
This acquisition marks a significant milestone in DMB's journey to enhance innovation, sustainability, and influence within the metals industry, said a statement.
By integrating GIC Magnet's expertise and capabilities, DMB will unlock new growth opportunities, tap into diverse industry verticals, and deliver increased value to its customers and stakeholders across multiple sectors, it said.
"The acquisition of GIC Magnet expands DMB’s downstream product offering and aligns with our diversification strategy to expand our market presence and broaden our portfolio on a global scale," said Mohamed Al Ahmedi, Chief Executive Officer of Ducab Metals Business. 
“By penetrating wider markets and advanced economies, the company will achieve sustainable revenue growth of $40.5 million. This strategic move reinforces our commitment to innovation and sustainability, providing our customers with a comprehensive range of high-quality, eco-friendly solutions that meet their evolving needs. With the demand for these products in various industry segments growing at a CAGR of 2.5% globally, this acquisition strengthens our ability to efficiently serve diverse industrial requirements and create long-term value for our stakeholders," he said.
Strategic Advantages and Industry Impact
The acquisition of GIC Magnet under the DMB umbrella introduces a unique product line to the company's offerings of copper and aluminium strips utilised in various key sectors such as automobiles, transformers, transportation, shipping, motors, electric vehicles, and electromagnet applications. DMB aligns its product offerings with these industries to meet the rising market demands, making it well-positioned.
Through this acquisition, DMB plans to fortify its presence globally and become one of the key players in downstream products in the Non-Ferrous metals industry. The company's commitment to innovation and adaptability supports its growth. GIC Magnet's position as the sole supplier from the region with US market approval for paper-insulated Aluminium strips sets DMB apart in the competitive landscape. 
"We are pleased to join DMB and contribute our expertise to their global operations," said Amit Shah from GIC Magnet. "Integrating our capabilities into DMB's portfolio will enable the company to expand its product offerings and serve a broader customer base. We are confident that this acquisition will drive the metal industry's sustainable growth."
DMB's acquisition of GIC Magnet is a positive step towards our continued growth projection and customer-centric approach to being the best in class for metal solutions, the statement added. –TradeArabia News Service


More Industry, Logistics & Shipping Stories

calendarCalendar of Events