Saudi Arabian Amiantit finalizes Ameron acquisition

Saudi Arabian Amiantit Company has acquired Dammam-based pipe manufacturer, Ameron Saudi Arabia Ltd. (ASAL), the company said in a regulatory statement.

In June, Amiantit signed a purchase agreement with US-based National Oilwell Varco (NOV) to acquire its minority shares in both Ameron and Saudi Arabia Concrete Products Ltd. (SACOP) for a total value of $500,000 (SAR 1.9 million), Argaam earlier reported. 

Following its acquisition of NOV’s 30.3 percent stake in ASAL, and 41.2 percent stake in SACOP, Amiantit will become the sole owner of both companies.