Darat Jordan Holdings recently announced its strategic alliance with Al Asalah Electromechanics, the sole agent of LG's commercial air conditioning systems in Jordan. Darat acquired 53% of al Asalah, few months ago, and the official announcement was made during a business dinner on 8 august 2010, at Landmark Hotel Amman, in the presence of the Board of Directors of Darat and its CEO Dr. Khaled Al Wazani, the Managing Director of LG Electronics Levant, Mr. Kevin Cha, and the GM of Al Asalah Co. Mr. Issam Samara, along with a number of businessmen and media representatives.
Since the beginning of their joint venture, LG Electronics has been providing AL Asalah with high quality air conditioning systems as well as constant support and services, consequently, they have recorded great results and astonishing figures, a progress that attracted Darat Holdings to acquire of the largest portion of Al Asalah shares. By teaming up the efforts of such dedicated trio, an unmatched development and sustainability are expected to come up in the end.
In accordance with this alliance, Darat Jordan Holdings will provide Al Asalah Company with financial support, re-structuring services, marketing services, and others, given that Al Asalah embraces a great team of technicians and engineers, and provides a high quality services and products as LG's air conditioners.
Dr. Al Wazani said that Darat has a policy that relies on diversified investments, through which it seeks to decrease risks and diversify capital. He pointed out that although Darat was established in 2008, it now runs 5 companies, 4 trademarks, and invests in 2 projects. Al Asalah is a good investment for Darat because of its long experience in the Jordanian market and the excellent technical know-how that Al Asalah team has.
Commenting on the new alliance, and representing Al Asalah Co., Mr. Issam Samarah said: "We, at Asalah, are proud to enter such alliance with Darat Jordan, a model of investors with its diversified investments and the high quality consultancy services that it provides to its clients and now providing to Al Asalah", "We are also grateful to all our partners, and above all, LG Electronics, since our partnership marked our Company's position in the Jordanian market, thanks to LG's innovations and smart technologies".
The ceremony was concluded by a dinner accompanied by the MAESTRO Band, presenting oriental music medleys combined with western tones.
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About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing more than 84,000 people working in 115 operations including 84 subsidiaries around the world. With 2008 global sales of $44.7 billion, LG comprises of five business units - Home Entertainment, Mobile Communications, Home Appliance, Air Conditioning and Business Solutions. LG is one of the world's leading producers of flat panel TVs, audio and video products, mobile handsets, air conditioners and washing machines. LG has signed a long-term agreement to become both A Global Partner of Formula 1™ and A Technology Partner of Formula 1™. As part of this top-level association, LG acquires exclusive designations and marketing rights as the official consumer electronics, mobile phone and data processor of this global sporting event. For more information, please visit www.lge.com.
For more information please contact:
LG Electronics Inc.
Corporate Communications
Maha Al-Rawashdeh
Fax: 009625660541
Telephone: 0096265660542
E-mail: Jordan@traccs.net
Email: lgpr@lge.com
Website: www.lge.com/press
© Press Release 2010
