Molan Steel acquires Mayar International Industry

Molan Steel Co. announced the acquisition of Mayar International Industry for SAR 34.88 mln (USD 9.28 mln) in a deal financed through internal resources. According to a statement to Tadawul, the agreement involves transferring Mayar's commercial registration, assets, licenses, headquarters, and ownership of the "Cool Master" trademark to Molan.

The payment will be made in seven monthly installments, and Molan will also assume Mayar's debt to the Saudi Industrial Development Fund.

Mayar International specializes in manufacturing refrigerators, freezers, water coolers, and electric fans. The acquisition aims to strengthen Molan's industrial capabilities, support vertical growth, and mitigate the impact of fluctuating iron prices through value-added products.

Molan expects the acquisition to align with its expansion strategy, driving growth and profitability. The newly acquired plant is projected to contribute to sales and profits starting Q1 2025, with gradual improvements through factory upgrades and increased production capacity.

Molan Steel is a major of steel products for the construction and fabrication sectors in the Middle East region.

1 USD / 3.75 SAR