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Anixter International Significantly Expands Presence in the Kingdom of Saudi Arabia through the Creation of Anixter Saudi Arabia Limited
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2011-10-12
GLENVIEW, Ill., Oct. 6, 2011 /PRNewswire via COMTEX/ --
Anixter International Inc., (NYSE: AXE), a leading global distributor of communication and security products, electrical and electronic wire and cable, fasteners and other small parts, announced that it is establishing a strategic partnership in the Kingdom of Saudi Arabia with Mohawarean Trading Company (MTC), a subsidiary of Mohawarean International Group (MIG), through the formation of a new business entity, Anixter Saudi Arabia Limited. Anixter will have the majority holding in the joint venture.
For customers around the world, Anixter combines a vast product offering with technological expertise and innovative Supply Chain Solutions. Whether providing products for a wind farm, data center project or a manufacturing production line, Anixter brings extensive experience and expertise to every customer. The company focuses on addressing customers' larger business needs for knowledgeable product and technical support and supply chain efficiencies.
Commenting on this new venture, Anixter's President and CEO, Bob Eck, said, "One of our key strategies is to expand the markets we serve, and we believe the Kingdom of Saudi Arabia presents a significant opportunity for Anixter and its business partners given the Kingdom's investments in infrastructure, strong economy, and strategic economic and geographic position in the Middle East markets that Anixter serves." Eck added, "We wish to thank MIG for the in-depth guidance they provided in launching this new business. Their market presence, knowledge and on-going support will be invaluable to the business as we establish our position in the local market."
MIG's Group President and CEO, Mr. Mohammed Al Othman, commented, "The formation of Anixter Saudi Arabia Limited as a joint venture with Mohawarean Trading Company is an exciting new development for our group. The combination of Anixter's unmatched capabilities and strong brand as a leading global distributor of products, coupled with Mohawarean Trading Company's established presence and knowledge of the marketplace in the Kingdom, provides an exciting formula to develop Anixter's position in the Saudi marketplace for the long term."
This is Anixter's latest and most significant commitment to the Middle East market and follows previously successful investments in the United Arab Emirates, Oman, and Qatar.
Anixter International Inc., (NYSE: AXE), a leading global distributor of communication and security products, electrical and electronic wire and cable, fasteners and other small parts, announced that it is establishing a strategic partnership in the Kingdom of Saudi Arabia with Mohawarean Trading Company (MTC), a subsidiary of Mohawarean International Group (MIG), through the formation of a new business entity, Anixter Saudi Arabia Limited. Anixter will have the majority holding in the joint venture.
For customers around the world, Anixter combines a vast product offering with technological expertise and innovative Supply Chain Solutions. Whether providing products for a wind farm, data center project or a manufacturing production line, Anixter brings extensive experience and expertise to every customer. The company focuses on addressing customers' larger business needs for knowledgeable product and technical support and supply chain efficiencies.
Commenting on this new venture, Anixter's President and CEO, Bob Eck, said, "One of our key strategies is to expand the markets we serve, and we believe the Kingdom of Saudi Arabia presents a significant opportunity for Anixter and its business partners given the Kingdom's investments in infrastructure, strong economy, and strategic economic and geographic position in the Middle East markets that Anixter serves." Eck added, "We wish to thank MIG for the in-depth guidance they provided in launching this new business. Their market presence, knowledge and on-going support will be invaluable to the business as we establish our position in the local market."
MIG's Group President and CEO, Mr. Mohammed Al Othman, commented, "The formation of Anixter Saudi Arabia Limited as a joint venture with Mohawarean Trading Company is an exciting new development for our group. The combination of Anixter's unmatched capabilities and strong brand as a leading global distributor of products, coupled with Mohawarean Trading Company's established presence and knowledge of the marketplace in the Kingdom, provides an exciting formula to develop Anixter's position in the Saudi marketplace for the long term."
This is Anixter's latest and most significant commitment to the Middle East market and follows previously successful investments in the United Arab Emirates, Oman, and Qatar.
