Garmco and Metals Industries sign MOU for Technical and investment Co-operation

UAE, February 8, 2015 - Gulf Aluminium Rolling Mill Company (GARMCO), the Bahrain-based international aluminium rolling mill and one of the largest downstream aluminium facilities in the Middle East, today (8 February, 2015) announced that it has signed a Memorandum of Understanding (MOU) for technical and operational co-operation with Dubai-based Metals Industries (MI), the holding company for the Saif Al Ghurair Group's aluminium and metals businesses.

According to the MOU, Garmco and MI will work together across a number of key areas covering operational, technical and warehousing/service centre functions in order to identify prospects for mutual benefit and the capturing of synergies. To this end, senior representatives involved in the commercial and operational functioning of each company will soon meet in Bahrain to assess opportunities and establish a plan for the implementation of the MOU.

Commenting on the signing, Mr. Mahmood Al Soufi, Chairman of GARMCO, said, "We are delighted to enter into this important agreement with Metal Industries, which will see two of the Middle East's leading downstream aluminium producers co-operate across a number of key areas. Working closely, we aim to identify and assess opportunities to drive operational and technical efficiencies that will help strengthen our organisations and enable us to add greater value for our customers both in our neighbouring MENA markets and around the world."

Mr. Majid Al Ghurair, Chairman of MI, added, "We are eager to commence the implementation of our MOU with GARMCO and expect our joint efforts to result in a series of enhancements both on the operational and technical levels as well as in the capturing of important synergies across the board. In today's challenging economic climate, co-operation and the sharing of information and resources are paramount and we are confident that our work together will lead to significant mutual benefits for both of our companies and our customers."

GARMCO is a global exporter of flat rolled aluminum products with a network of 16 subsidiaries and associates companies spanning the Middle East, Asia, Far East, Australia, Europe and the USA. Today, the Group employs over 900 people worldwide, and has an annual turnover exceeding US$450 million. It was established in 1981 by the governments of Bahrain, Iraq, Kuwait, Oman, Qatar and Saudi Arabia and its current shareholders are: Bahrain Mumtalakat (37%), Saudi Basic Industries Corporation (30%), Industrial Bank of Kuwait (17%), Gulf Investment Corporation (6%), Government of the Republic of Iraq (5%), Government of the Sultanate of Oman (2.5%), Qatar Holding Company (2.5%).

Similarly, MI is a global supplier whose operating facilities are largely focused on the aluminium extrusion segment providing aluminium solutions in the Construction, Industrial and Automotive markets through its operating activities in the UAE and distribution and sales centre’s in Europe, Asia and Africa.