UAE's Ducab purchases UK cable firm AEI
Ducab, a cable manufacturer in the United Arab Emirates (UAE) has acquired British cable maker AEI Cables, according to Emirates 24/7. The value of the transaction was not disclosed in the said report.
Andrew Shaw, the managing director of Ducab, said of the transaction: "Our intention is to reinvigorate the operations at AEI Cables, and to expand both home and export sales. This is our first plant overseas, and the expertise of the staff, the library of certifications and approvals, the strong client-base and the market reputation of AEI have all played key roles in our decision."
Under the terms of the acquisition deal, Ducab will acquire all of AEI's properties and workforce in Newcastle, England. AEI, on the other hand, will add more products and talent to its acquirer's portfolio. The deal will allow Ducab to expand into Europe, the report detailed.
AEI, being a specialist cable firm, caters to various companies belonging to the ship-building, rail, mining, shipping, and rubber industrial arenas, Emirates 24/7 reported.