Knauf To Acquire Majority Stake In Saudi’s United Mining Industries

Dubai (PlantAndEquipment.com) - Knauf International GmbH, a German construction materials company, has acquired regulatory clearance to purchase a 63.2% share in Saudi-based United Mining Industries Company (UMI) for $134.5 million.

The deal acquired a non-objection certificate from Saudi Arabia's General Authority for Competition (GAC), paving the way for a partial buyout.

Knauf intends to purchase the remaining shares of UMI when the first acquisition is completed.

UMI, headquartered in Jeddah, produces gypsum and other construction products for customers across the Middle East.

The purchase represents Knauf's debut into the Saudi market and is consistent with the Kingdom's Vision 2030 ambition to increase domestic industrial output.

Knauf, based in Germany, is one of the world's major manufacturers of gypsum-based building products, insulation, and ceiling systems, with over 300 manufacturing facilities in over 90 countries.