Anixter targets growth in Middle East with joint venture in Saudia Arabia
Anixter International Inc., Glenview, Ioll., is establishing a strategic partnership in Saudi Arabia with Mohawarean Trading Company (MTC), a subsidiary of Mohawarean International Group (MIG), through the formation of a new business entity, Anixter Saudi Arabia Limited. Anixter will have the majority holding in the joint venture. This deal follows previously Anixter's investments in the United Arab Emirates, Oman, and Qatar.
Commenting on this new venture in a press statement, Anixter's president and CEO, Bob Eck, said, "One of our key strategies is to expand the markets we serve, and we believe the Kingdom of Saudi Arabia presents a significant opportunity for Anixter and its business partners given the Kingdom's investments in infrastructure, strong economy, and strategic economic and geographic position in the Middle East markets that Anixter serves." Eck added, "We wish to thank MIG for the in-depth guidance they provided in launching this new business. Their market presence, knowledge and on-going support will be invaluable to the business as we establish our position in the local market."
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.