UMI signs SAR 50 mln contract to supply gypsum board production line

16/11/2023 Argaam
Logo ofUnited Mining Industries Co. (UMI)

Logo of United Mining Industries Co. (UMI)

United Mining Industries Co. (UMI) signed on Nov. 15 a contract with Gypsum Technologies Inc. (Gyptech) to supply an additional production line to increase the capacity of the gypsum board factory in Yanbu.

 

The contract, valued at 12.3 million euros (SAR 50 million), has a span of 18 months from the date of first payment, UMI said in a statement to Tadawul.

 

As per the terms, the contracting party will carry out the required work related to the design, engineering, manufacture, testing, supply, and commissioning of equipment and spare parts for the plant.

 

The project is expected to have a positive impact on UMI’s results starting from H2 2025, the statement said, noting that there are no related parties.

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