Zamil Industrial Investment Company "Zamil Industrial", the leading Middle East and international manufacturing and fabrication group, has announced the launch of a new 50-50 joint venture with Petro-Chem Development Company of USA, the leading designer and manufacturer of world-class fired heaters, furnaces, pre-heaters and heat recovery systems, to jointly produce fired heater (process furnace) products in Saudi Arabia.
The new joint venture was inaugurated with a special signing ceremony at a seminar event held on Wednesday, 9 December 2009 at the Mövenpick Hotel in Al-Khobar, Saudi Arabia. Highlights included presentations and speeches to commemorate the occasion, offered by executives from both companies. More than 150 top executives from a number of major industrial and international contracting companies attended and participated in the seminar.
This joint venture represents a major investment and commitment by the two partners to serve the growing industrial sector in Saudi Arabia and the GCC markets.
The partnership will operate from Dammam, Saudi Arabia, and focus on the manufacture, marketing and supply of fired heaters, process furnaces and related accessories for use by utility, petroleum, chemical, oil and gas processing and industrial customers in the Gulf markets. The new products will also complement Zamil Industrial's existing primary products, such as process equipment and steel vessels.
"Zamil Industrial's new Joint Venture with Petro-Chem Development Co. illustrates, once again, our enduring commitment to providing customers in our home market with technologically advanced products that are globally recognized for both high quality and superior performance," said Khalid A. Al Zamil, Managing Director, Zamil Industrial, upon signing the agreement. "As a leading manufacturer, we are dedicated to locating the most highly qualified global partners and combining our talents and resources in order to provide the products and solutions needed to fuel the growth of our region's expanding industrial base," he added.
The companies of Zamil Industrial maintain superior manufacturing facilities that are extremely well suited to the production of process furnace products. Initially, the process furnaces will be manufactured at the Zamil Steel Process Equipment factory in Dammam Second Industrial City on a project basis.
Mr. Stephen T. Limpe, President and CEO of Petro-Chem Development Co., stated: "We are very pleased to join forces with Zamil Industrial in this new endeavor. Both companies share a solid commitment to maintaining speed to market, the highly ethical conduct of business and the creation of the highest level of value for our current and future customers. Together, we look forward to a long and successful partnership aimed at serving the expanding marketplaces in the Middle East."
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© Press Release 2009
