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SAMI acquires majority stake of AACC

SAMI acquires majority stake of AACC
The transaction will help SAMI to expand the scope of services it is providing

Riyadh – Mubasher: The Saudi Arabian Military Industries (SAMI) has acquired the majority stake of the Aircraft Accessories and Components Company (AACC), Saudi Gazette reported.

The transaction will help SAMI to expand the scope of services it is providing, in addition to investing in national capabilities and access new markets.

The step comes along with the company’s efforts in supporting the localization of the defense sector in the kingdom.

“SAMI acquiring the majority stakes in AACC is an important step on the track of the company’s development, as it will enable the company to expand the scope of its services, invest in national capabilities, have access into new markets, develop its client service capabilities and invest in the manufacture of aircraft spare parts,” Mansour Al Eid, CEO of AACC, commented.

He added that both entities will contribute to localization of military capabilities, investing in building national capabilities, and creating jobs for citizens, achieving the goals of the Kingdom’s Vision 2030.

Following the acquisition, the scope of operations of AACC will be expanded to cover the repair and overhauling of civilian aircraft landing gear, increasing the Nondestructive Tests (NDT) capabilities, and enhancing the capabilities for maintenance of helicopters.

This will allow the firm to expand its services to cover the Middle East and North Africa (MENA) markets.

Andreas Schwer, CEO of SAMI, stated that purchasing the majority stake in AACC is a basic factor in the strategic development of SAMI.

“We have promising opportunities in the maintenance, repair and overhauling market, as all the basic tools are available. In the near future, we will work on adding the maintenance, repair and overhauling of landing gear to the services provided by AACC,” Schwer added.