Saudi Arabian Cement Co To Set Up Subsidiary in Jordan

Saudi Arabian Cement Co To Set Up Subsidiary in Jordan
Published: 22 November 2006

Saudi cement producer, Arabian Cement Company (ACC), said it was currently finalising the procedure for the establishment of a subsidiary in Jordan. 
 
The company, to be established in cooperation with an unnamed Jordanian investor, will set up and manage a Portland cement plant in al-Qatranah, central Jordan. 
 
No financial details regarding the project were disclosed. 
 
On the other hand, ACC said it signed an agreement with Italian cement giant Italcementi Group, under which the two companies will jointly set up several ready-mixed concrete plants in Saudi Arabia. 
 
ACC is currently working on an expansion project at Rabigh plant for the launch of a sixth production line with a daily capacity of 7,000 tonnes. The production line is to be operational in early 2008. 
 
The company posted an 8.9 pct year-on-year increase in net profit to 274.4 mln Saudi riyals ($351.9 mln/274.4 mln euro) for the first nine months of 2006.