Lamor Corporation Plc Press Release 4 February 2022 at 09:00 a.m. EET
Lamor and Zamil to establish a joint venture in Saudi Arabia
Environmental solutions company Lamor Corporation Plc and Zamil Operations & Maintenance Co (ZOMCO), a part of the Zamil Group located in Saudi Arabia, have on 2 February 2022 entered into an agreement with the aim of establishing a joint venture in Saudi Arabia. With this establishment, co-operating with a major local partner, Lamor will intensify the execution of its strategy being globally local and increases its presence in a key growth market.
The joint venture, Lamor-Zamil Environmental Services, will provide customers in Saudi Arabia with environmental services in the sectors of oil spill response, waste management, and water treatment. The new company will also begin to assemble selected equipment in Saudi Arabia.
Lamor-Zamil Environmental Services aims to meet the increasing demand for environmental services in Saudi Arabia. The demand is driven by significant development initiatives in Saudi Arabia underpinned by the Vision 2030 program. The program supports the implementation of the green agenda including, among other things, sustainable investments in tourism and development of appropriate infrastructure.
“Demand for the environmental solutions and services in Saudi Arabia and elsewhere in the Middle East region is increasing. The region is an important growth area for Lamor, and with this initiative, we are bringing our partnership with Zamil to the next level. Together we can better solve the environmental challenges of our customers in Saudi Arabia, and support them on their sustainable initiatives” says Mika Pirneskoski, CEO of Lamor.
Lamor and Zamil have been acting as business partners for several years through an agency agreement with ZOMCO in Saudi Arabia. The agreement to establish a joint venture company is a natural further evolution of the partnership.
“ZOMCO is very happy to strengthen the partnership with Lamor. Saudi Arabia can benefit from Lamor’s experience in environmental services, and through this joint venture, we are combining our capabilities and building a strong local environmental service provider,” says Faisal Al Zamil, President of Zamil Operations and Maintenance Co.
The joint venture is expected to be fully operational in the second half of 2022.
Mika Pirneskoski, CEO, Lamor Corporation Plc, tel. +358 40 757 2151
Lamor in brief:
Lamor is one of the leading global providers of environmental solutions. Lamor provides its customers with equipment used for oil recovery, waste management and water treatment as well as versatile environmental solutions and services, such as clean-up and preparedness services related to oil spill response and oil spills, services for the treatment of waste and tailored and adapted water treatment solutions. Lamor operates together with its local partners, offering a wide selection of solutions, which can be tailored according to the needs of each customer, and aiming to clean the world, for which the company has worked since its incorporation. The company's share is listed on the Nasdaq First North Premier Growth Market Finland marketplace maintained by Nasdaq Helsinki under the trading code LAMOR. Further information: www.lamor.com
Zamil in brief:
Zamil Operations and Maintenance (ZOMCO) headquartered in Al Khobar, was founded in 1977 by the Al-Zamil family of Saudi Arabia. ZOMCO is among the leading providers of operations and maintenance services in the Kingdom of Saudi Arabia and have executed complex operations and maintenance, facilities management and service projects for industrial, commercial and government clients throughout the Kingdom.
The Zamil Group story begins in the 1920’s when Shaikh Abdullah Hamad Al Zamil, from Unaizah, in Al Qassim Saudi Arabia established his first trade and services business in Bahrain, the region’s trading hub at the time. By 1940 the business had expanded into real estate and by 1959, built the tallest building in Khobar. Today, Zamil Group is the ‘go to’ partner for local and international markets. The Founder’s century old legacy is a diverse investment holding company, dedicated to adding value to its stakeholders.
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