Saudi-based alfanar group, a leading manufacturer of electrical products and provider of engineering services, said it is close to finalising the procedures for the acquisition of Germany-based Heinrich Kopp from Luxembourg-based private equity fund Palero Invest.

The move comes in line with alfanar’s strategy to strengthen and expand its global presence.

Headquartered in Riyadh, alfanar is a major player in the electrical manufacturing business as well as related engineering services, while Heinrich Kopp is one of the leading companies for electrical installation products including switchgear in Europe.

The acquisition will include all the company’s operations across Europe, including facilities in Wijchen (the Netherlands), Vienna (Austria), Messaadine (Tunisia), in addition to the main manufacturing centre at Kahl am Main, Germany.

On the acquisition move, alfanar group chairman Abdulsalam Al Mutlaq said: "This comes at a time when alfanar is aggressively involved in expanding its product portfolio and the markets it operates in as well as reaching out to new markets."

“Through this acquisition, alfanar will have further access to the European markets and enhance its industrial capabilities in the kingdom,” stated  Al Mutlaq.

Upon completion of the deal, alfanar will also transfer the complete workforce of Heinrich Kopp, adding to its already 22,000-strong employees, he added.

From a modest start in 1976, alfanar has grown through the years, to become one of the most formidable and leading companies in electrical manufacturing, which includes production of all electrical products for construction industry and related engineering services, operating several design and development centres and a number of factories in Middle East, Asia, and Europe.

The company is also involved in the development and construction of renewable and conventional power as well as in providing ancillary engineering services.-TradeArabia News Service