Electrical Industries unit pens SAR 35 mln deal to export transformers to Europe

19/07/2023 Argaam Special
Tariq Al-Tahini, CEO and Managing Director of Electrical Industries Co.

Tariq Al-Tahini, CEO and Managing Director of Electrical Industries Co. 

Electrical Industries Co. (EIC) stated that its Belgium-based subsidiary Pauwels Transformers signed a contract worth SAR 35 million to export electrical distribution transformers to the European market, through EIC's subsidiary Saudi Transformers Co. (STC).

 

STC will produce and export nearly 400 Saudi-made electrical distribution transformers from Q4 2023 until Q1 2024, the company told Argaam.

 

Tariq Al-Tahini, EIC Managing Director, said: “Under the two-year export agreement, we will be able to explore greater cooperation opportunities with European companies, especially in the field of electrical distribution."

 

"We believe the relevant financial impact will appear in the fourth quarter of 2023 and the first quarter of 2024,” he noted.

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