RIYADH, 24 January 2008 — US-based Emerson’s CEO David N. Farr, who is also its chairman and president, met yesterday with Saudi FAL Holdings Arabia Co.’s President and Board Chairman Sheikh Fahad Mohammed Al-Athel on investment collaboration.
“Emerson intends to grow with the Saudi economy by making the right investments in local employment, assembly operations and after-sales service,” he told a press conference. Emerson, with $1.2 billion sales in the Middle East last year, is highly diversified and among Fortune magazine’s top companies.
He added that Saudi FAL is building a facility in Jubail where employees will be engaged in valve automation, manufacturing, repair, and service plus engineering and staging control systems and transmitter assembly. “We hope that Emerson Process Management will be involved in this facility once it becomes operational. We also want our local organization here to be a good corporate citizen,” he said.
Emerson Process Management is a technology leader in helping businesses automate production, process and distribute operations in industries such as chemical, oil and gas, refining, pulp and paper, power, water and wastewater treatment, food beverage, pharmaceutical and others. The company combines superior products and technology with industry-specific engineering, consulting, project management and maintenance services.
“I am pleased to meet with Sheikh Al-Athel, whose Saudi FAL Controls has been a strong partner of Emerson Process Management for more than 30 years,” Farr said.
He said Emerson, with $24 billion in revenues last year, has just received orders for various projects in the region. These include water treatment and desalination, power, and an independent chemical company in Jubail and Yanbu.
“Significant capital investments are being made in all areas of the Saudi economy. The Kingdom is an important market for Emerson, and we will continue to invest in the resources that will help us grow further.” Farr is also scheduled to meet with senior industrial leaders, customers, government officials and local business partners to discuss the company’s growing investment in Saudi Arabia.
Jim Nyquist, president of Emerson Process Management Sales Worldwide, and Africa and Kamel Boustany, Saudi FAL Co. Ltd. CEO, Controls Division, were also in the conference.