Saudi Ceramic Company said it has signed a Letter of Intent (LOI) with leading Turkish sanitaryware group Eczacibasi Yapi Gerecleri (EYAP) to conduct a feasibility study for the establishment of a new venture in Saudi Arabia that will specialise in the manufacture of sanitaryware and its accessories.
A leading provider of key building solutions, Saudi Ceramics said as per the LOI, all the factories and assets of the sanitaryware segment of Saudi Ceramics Company will get transferred to the new company once the deal is sealed.
The MoU, which is valid for six months, will see the companies carry out due diligence from all relevant aspects, perform necessary assessments and finalise the negotiations as well as sign the relevant agreements.
Saudi Ceramics pointed out that the duo will also apply to the concerned authorities for getting the necessary approvals.
Eczacıbaşı Group is a major Turkish group that has amongst its other activities, a segment for building materials and sanitaryware, as well as several major brands (the most important of which is Vitra). It also owns factories for sanitaryware and accessories inside Turkiye and abroad.-TradeArabia News Service
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