Logo of Al Hassan Ghazi Ibrahim Shaker Company (Shaker)
Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) signed, on Feb. 12, a non-binding memorandum of understanding (MoU) with LG Electronics (LG) and the Saudi Ministry of Investment for the manufacturing of air conditioning (AC) compressors in the Kingdom.
In a statement to Tadawul today, Feb. 15, the company said the MoU is valid for one year from the signing date. It is aimed at studying the localization of AC compressors manufacturing in Saudi Arabia.
The financial impact of this signing cannot be determined at this stage. Any updates in this regard will be duly announced, the statement added.
Being a Saudi leading importer, manufacturer and distributor of ACs and home appliances, Shaker deems this step as a significant leap towards localizing the production of the most tech-complex component of AC units — compressors, which have never been manufactured in the Kingdom before.
This groundbreaking agreement is set to fortify the longstanding partnership between Shaker and LG. It builds on their successful joint venture factory in Riyadh, which has been producing AC units for local and international markets since 2008, the company noted.
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