(MENAFN - Arab News) Pentair has announced the signing of a term sheet with the Ali Abdullah Al-Tamimi Company to set up a manufacturing and service facility in Dammam.
The announcement reflects Pentair's strategic investment plan that will help meet the needs of its local customers while also supporting the government vision of economic diversification and local job creation, according to a statement received here.
Pentair is a leading global industrial company providing advanced solutions in energy, food and water.
"We are excited to make this announcement, which reinforces Pentair's long-term commitment to the Kingdom," said Randall J. Hogan, chairman and CEO of Pentair Ltd.
"Saudi Arabia is the region's single largest economy with a fast-growing industrial landscape, offering a unique opportunity for Pentair to contribute to the Saudi success story," said the chairman.
"Through this new partnership, Pentair will be able to locally manufacture some of its premium products and brands to serve the local and export markets."
Tariq Al-Tamimi, president of the Tamimi Group of Companies, said: "We are pleased to be further extending our relationship with Pentair."
He added: "We share the same vision, values and commitment to localize globally proven technologies and products in the Kingdom and to support Saudization through economic diversification and job creation and training with the local talent base. Pentair's proven operating processes are an excellent foundation to accelerate a strong manufacturing base in the Kingdom."
As a leading global industrial company with local customers in the energy, petrochemical, water and mining sectors, Pentair has more than 1,200 employees in the Middle East, including manufacturing, services, and office facilities.
Pentair has been supporting local customers in Saudi Arabia over the past 40 years and this investment will enhance existing partnerships by providing improved product solutions and extended, reliable local supply chain.