Almarai completes acquisition of "Tammam Logistics" to enhance frozen products capabilities
Date
5/19/2024 8:54:43 AM
(MENAFN) On Sunday, Almarai Saudi Company announced the completion of its Acquisition of Etmam Logistics Company for 182 million riyals (USD48.5 million), as per a disclosure made to the Saudi Stock Exchange. Etmam Logistics specializes in providing storage and distribution services for frozen products, a strategic area for Almarai's expansion.
Founded in 1977, Almarai sees this acquisition as a significant enhancement to its ability to serve customers across Saudi Arabia with a broader range of frozen products. This move is expected to support the acceleration of Almarai’s catering services by offering a wider variety of products, thereby driving growth in its poultry sector. Additionally, the acquisition is anticipated to bolster Almarai’s production capacity for frozen products and enable the company to diversify into other product categories in the future.
In March, Almarai revealed its ambitious plans to invest over 18 billion riyals (approximately USD4.8 billion) by 2028. This investment plan aims to foster growth and place a strong emphasis on enhancing supply chain capabilities and food security within the Kingdom. The acquisition of Etmam Logistics is a step in this direction, positioning Almarai to better manage its supply chain and expand its footprint in the frozen food market.
MENAFN19052024000045015682ID1108231470
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.