Mayar subsidiary inks exclusive agency contract with US company

Logo of Mayar Holding Co.

Mayar Holding Co.’s subsidiary, Saudi Drip Irrigation Co., signed today, Feb. 4, an exclusive agency contract with US-based Hunter Industries.

The contract involves Saudi Drip manufacturing a range of products for Hunter Industries, the company said in a statement to Tadawul.

Under the contract, Saudi Drip will manufacture agricultural, residential, and commercial irrigation systems, golf course equipment, water and energy-efficient solutions for irrigation systems, distribution technology, and customized manufacturing for specific sectors at the company's factory in Riyadh over five years.

The contract's value is unspecified and is anticipated to have a positive long-term impact on Mayar's financials. The financial impact will be reflected on the company’s statement as of the second quarter of 2024.

Saudi Drip will manufacture Hunter Industries' products to cater to the Saudi market's needs and export these products to various neighboring countries.

There are no related parties to the contract, the statement added.