It is reported that Construction Products Holding Company of Saudi Arabia and Herman Gutmann Werke AG of Germany have recently signed an MoU and are now ready to implement a joint investment in Jeddah, Saudi Arabia calling for the set up of aluminum extrusion facility as well as for a modern aluminum composite panel production line.

As per report, CPC and Gutmann join forces in a USD 90 million investment in an Aluminum Extrusion and Composite Panel facility.

Dr. Faysal Alaquil, director business development of CPH said that “The capital investment will be USD 90 million and it will carry at an initial stage an annual production capacity output of approximately 22,000 tonnes of extruded aluminum, including anodizing and powder coating facilities, as well as an output of some 1.5 million square meters of aluminum composite panel. CPC will carry a 65% stake in the investment, while the remaining 35% will be controlled by Gutmann and parent ALCO. Gutmann will also provide the necessary know how and technical support for this investment.”

He further added that “Herman Gutmann Werke AG, located in Weissenburg, Germany, has been engaged in the aluminum extrusion business for more than 70 years, and is part of ALCO Group of Companies. It is currently one of the fastest growing groups in the aluminum extrusion sector in Europe with production facilities in Germany and Greece and an expanding distribution network with current trading hubs in Romania, the Middle East and the US.”