Roots Steel International Co. Ltd (Roots Steel Group), a leading Saudi Arabia-based manufacturer of pre-engineered metal building systems, has acquired two Sharjah-based companies, i.e., Ginco Steel L.L.C. and Polyco Co. Ltd, from Bank of Sharjah. The financial details of the deal have not been disclosed.
"Roots Steel Group aims to be the leading player in the metal building and structural steel industries in the region. The acquisition of Ginco Steel and Polyco complements our expansion strategy in the region, and will allow us to meet our operational requirements and growth demands more efficiently," Roots Steel Group managing director Mahmoud Mustapha said.
Ginco Steel is an ISO 9001:2008-certified structural steel company with core activities including design, production, sales and erection of steel structures for high-end oil and gas, infrastructure, industrial, commercial and other projects.
Polyco is also an ISO 9001:2008-certified company, and operates mainly in design, production, sales and erection of conveying systems for the mining, industrial and food industries. Polyco also manufactures and supplies various types of oil field cabins.
Among Roots Steel Group's latest expansion initiatives is the establishment of a new plant in Egypt, which will be inaugurated by May 2011. Another new plant facility in Bahra near Jeddah is expected to be operational by mid-2012.
The Roots Steel Group is targeting a combined production capacity of 300,000 mt per year from all its plants, covering the
Middle East, Africa and Asia, Mr. Mustapha said.