Saudi Ceramics signs non-binding LOI to establish sanitaryware firm

Saudi Ceramic Co. announced that it signed a preliminary, non-binding agreement (term sheet) with Ectasias Yapı Gereçleri A.Ş (EYAP) affiliated with the Turkey’s Eczacıbaşı Group, according to a statement on Tadawul.

During the term of the agreement, the two companies will complete the due diligence review, conduct the necessary assessments, final negotiations, sign the relevant agreements, and submit to the relevant authorities to obtain the required approvals.

On April 15, the two parties inked a letter of intent (LOI) to study the establishment of an equally owned joint venture (JV) in Saudi Arabia, specializing in the manufacture and sale of sanitaryware and its accessories.

Eczacıbaşı Group owns a segment for building materials and sanitaryware with a number of brands, mainly Vitra. Its products have a wide reach worldwide. The group owns factories for sanitaryware and accessories inside and outside Turkey.

source : Argaam