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DANA Group Acquires Water Heaters & Home Appliance Manufacturing Unit in Libya - Dana Group, has acquired a full fledged Water Heaters, Coolers & Home Appliance Manufacturing Unit for an undisclosed amount in Tajoura Industrial Area of Libya
DANA Group Acquires Water Heaters & Home Appliance Manufacturing Unit in Libya

 

NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 2010/05/12 - Dana Group, has acquired a full fledged Water Heaters, Coolers & Home Appliance Manufacturing Unit for an undisclosed amount in Tajoura Industrial Area of Libya.

   
 
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This new initiative is to cater to the construction boom, which has recently started in Great Socialist People's Libyan Arab Jamahiriya. & Neighboring countries. This is in addition to its already existing water heaters & cooling systems manufacturing factory[i.e. DANA WATER HEATERS & COOLERS FACTORY LLC] in the UAE.

DANA Group’s new initiative is registered as “DELTA STEEL FOR ENGINEERING & HOME APPLIANCE MANUFACTURING”: This is Dana’s 2nd venture in Libya, the first being “DELTA STEEL FZC”, which is a new coil service center venture started in Misurata , Libya. The Plant was initially started, as a State owned initiative by the Libyan Government in 1998 under the name of “TAJOURA FACTORY” .It was constructed under full collaboration with Merloni Spa of Italy with latest technological know-how & expertise. The initial cost of the project was USD 500 million. Under a sequence of development efforts, the Libyan government decided to privatize various state owned initiatives. As a result DANA, already being in this industry for the past 15 years, tactfully bid & won the contract for this acquisition.

The project is to spread over sprawling 10 hectares of prime industrial land with covered area of 20,000 square meters. The Unit boasts of a fully automatic conveyorized production & assembly line, with online Enameling & powder coating facilities. In addition to this the unit has an in-house coil service center [cut-to-length & slitting facility], for processing steel for it’s own requirements. All these features make it a fully integrated unit, which has basic raw materials as input & high quality finished goods as output. It would cater to entire North African belt including Libya, Egypt,Morocco,Tunisia,Algeria,Sudan ,and the Trans-Mediterranean European market.

DANA group’s officials state that they are already under negotiations for supply of water heaters to 25,000 villa housing project in Benghazi and are confident that being the sole manufacturer in Libya, they will win the contract very soon.

Dr B.S Dana, Chairman of DANA Group said that "This is the era of mergers & acquisitions, and organizations worldwide have increasingly recognized the importance of M&A as an important growth strategy. DANA (danagroups.com) has also seen this acquisition as an important milestone and it is confident that this will catapult its growth & help to gain inroads into the booming North African market"

 
 
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Written by / Agency / Source: DANA Group

 
 

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DANA Group Acquires Water Heaters & Home Appliance Manufacturing Unit in Libya

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Publisher Contact: Ruchi - DanaGroups.com 
+971 4 2217273 info[.]danagroups.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any DANA Group securities in any jurisdiction including any other companies listed or named in this release.

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