Zamil Air Conditioners, a leading Middle East and international manufacturer of air conditioning systems, was recently honored with an award from Sanyo for reaching a milestone of one million compressor purchases over a six year period, during which Sanyo provided exclusive sourcing. The successful, strategic Middle East partnership of the two businesses began in 1998, with ZAC supplying branded air conditioners to Sanyo's operations in the Gulf and Africa.
Sanyo compressor production began in 1970. Current capacity is reported at 11.5 million units manufactured at four diverse locations, with market share estimated at 17% worldwide. Zamil Air Conditioners selected Sanyo compressors for use in the development of the company's new super quiet products and pioneered the use of tropicalized rotary compressors in the region. Sanyo engineers worked closely with Zamil Design Engineers to qualify Sanyo's compressors to meet the stringent technical requirements of Zamil Air Conditioners on performance, sound level and reliability tests.
The two companies are currently exploring the possibilities of expanding the relationship to leverage Zamil's expertise in the manufacturing of Mini split and packaged air conditioners for the Middle East market under OEM (Original Equipment manufacturing) license agreement.
Osama F. Bunyan, Executive Vice President, ZAC, expressed his appreciation and satisfaction to Sanyo Management for their support and service, and reiterated the depth of the long-term commitment of both companies to continue their successful partnership.
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About Zamil Air Conditioners (www.zamilac.com)
Zamil Air Conditioners (ZAC) was founded in 1974 as one of the first air conditioning business to be established in Saudi Arabia and today is a leading international manufacturer of air conditioning systems and is Number 1 in the Middle East. It designs, manufactures, tests, markets and services a comprehensive range of air conditioning products, from compact room air conditioners and mini splits to large scale central air conditioners, chillers and air handling units for highly specialized commercial and industrial applications. These products and services are marketed under various brand names - Classic, Cooline, Cool Care, Clima Tech, Kessler Clima Tech and Geoclima - depending on specific markets. ZAC's factories are located in Dammam, Saudi Arabia and Italy.
ZAC is also involved in the production of branded air conditioners for several leading international manufacturers under Original Equipment Manufacturer (OEM) agreements. It operates a joint venture between Zamil Industrial Investment Company (ZIIC) and General Electric, called Middle East Air Conditioners Ltd. (MEAC).
ZAC has been vigorously moving into newer markets, seeking strategic alliances and investing heavily in R&D.
ZAC is one of four sector businesses of Zamil Industrial Investment Company.
About Zamil Industrial Investment Company
Zamil Industrial Investment Company (ZIIC) was founded in 1998. It is headquartered in Dammam, Kingdom of Saudi Arabia, and employs more than 6,800 people in 55 countries. As an international manufacturing and fabrication group, it provides leading air conditioning, pre-engineered steel buildings, structural steel products, process equipment, transmission and telecommunications towers, open web joists and decks, architectural glass processing, aerated concrete products and fiberglass insulation solutions to meet the requirements of the global construction industry through its four sector businesses: Zamil Air Conditioners (www.zamilac.com), Zamil Steel Industries (www.zamilsteel.com), Zamil Glass Industries (www.zamilglass.com) and Arabian Fiberglass Insulation Co. Ltd. (www.afico.com.sa).
For the year ended 31 December 2006, ZIIC posted turnover of SAR 2.87 billion/USD 764.7 million, a growth of 21% over 2005, with net profit, after Zakat contribution, of SAR 191.7 million/USD 51.1 million. Post Zakat Earnings Per Share during 2006 grew to SAR 4.26/USD 1.14 from SAR 2.36/USD 0.63 representing 80.2 percent growth. Shareholders' equity grew by 26.2% to SAR 741.5 million/USD 197.7 million. Export sales accounted for SAR 1105.6 million/USD 294.8 million representing 39% of total revenues and 18.4% growth over 2005. ZIIC exports to more than 80 international markets.
ZIIC shares are actively traded on the Saudi Stock Market. More information can be found at www.ziic.com.
For more information on this press release, contact
Said Al-Daajani,
Zamil Industrial Investment Company,
Corporate Communications,
Tel: (966) 3 8471840,
Fax: (966) 3 8472574,
e-mail: saidaldaajani@ziic.com
Issued on behalf of Zamil Industrial Investment Company by Hill & Knowlton. For more information contact
Samil Amin
Tel: +973 17 533532,
Fax: +973 17 533370,
e-mail: Sami.Amin@hillandknowlton.com
© Press Release 2007
