Gulf Cryo announced the acquisition of an 80 per cent interest in Gas Tech by their subsidiary Gulf Cryo Saudi (GCS).
Gas Tech is a Riyadh based establishment active in the cylinder business.
The purchase of Gas Tech is GCSs first acquisition in Saudi Arabia. The acquisition will extend the geographical reach of Gulf Cryo from the East, where the Saudi subsidiary Gulf Cryo Saudi is located, to the central area of the Kingdom.
The acquisition falls in line with Gulf Cryo’s plans to expand in Saudi Arabia and strengthen its market presence in the wider region. The joining up of both companies will allow Gulf Cryo and Gas Tech to increase their market share by combining the knowhow and products of both companies.
Gas Tech will constitute a strong base to operate from in the Riyadh market backed by Gulf Cryo’s supply chain.
Mr. Naji Skaf, Chief Operating Officer of Gulf Cryo commented that, “we view the Kingdom as a strong growth driver for the group. Our move to the Riyadh market is a natural one given our reach and we hope to be able to expand our Saudi footprint with similar positions in other parts of the Kingdom.”
Gas Tech’s former owners will remain on board and both Gulf Cryo and Gas Tech will continue to offer their customers great products and services.
