Amiantit unit inks MoU with NWC to boost local content in water valve industry

Amiantit Co. headquarters  

Saudi Amicon Co. Ltd, which is 99.93% owned by Saudi Arabian Amiantit Co., signed on Oct 18 a memorandum of understanding (MoU) with the National Water Co. (NWC) to develop local content of the water valve industry.

In a statement to Tadawul, Amiantit said the one-year deal is automatically renewable for the same duration.

The deal aims to support, promote, grow and develop the local industry for the production of water valves, raising the level of their performance, and giving priority to supporting local content in this field, the statement noted.

The MoU includes no related parties and has no relevant financial impact, it added.

It is meant to enhance the company’s competitiveness among the global peers, which will be positively reflected on sales volumes and prices.