RIYADH, 10 June 2008 — Al-Muhaidib Technical Supplies (MTS) has acquired an 85 percent controlling stake in Saudi Bea Fasteners Manufacturing Ltd from the Shoaibi Group. Through this joint venture with Italy-based Bea s.r.l., MTS expands into studbolt manufacturing for the Gulf Cooperation Council (GCC) market. Saudi Bea serves the petrochemical and energy industries and is an approved supplier for Saudi Aramco.
MTS, a subsidiary of the A.K. Al-Muhaidib & Sons Group of Companies, is a leading Saudi-based supplier of fasteners and fixing materials for a variety of industries, including building construction, energy, oil and gas and telecommunications. Established in 1975, the company serves customers in the GCC region through its branches in Saudi Arabia and Dubai, a wide distribution network, and 37,500 square meters of warehouse space in Riyadh, Dammam, and Jeddah. MTS has more than 300 employees.
The synergy between the companies’ products and served markets will help MTS focus on the oil and gas industry in the coming year. Saudi Bea’s manufacturing plant in Dammam allows for a faster time to market and local manufacturing support for a higher degree of customization.
MTS’s focus on quality and competitive pricing will be supported by the increased breadth of its product lines through Saudi Bea’s production.
MTS has been growing both its structure and its business volume, and the company plans to continue on that path through strategic acquisitions and the expansion of its retail business. “We see great potential for our business in the coming years due to the rapidly expanding building construction markets of the region, where an increasing larger number of projects are expected to be launched in the coming years,” MTS Managing Director Dr. Jamal Al-Mudaiheem quoted.
