TKE and Alat JV partner to produce VT solutions in Saudi Arabia

On February 24, TK Elevator and Alat, a Saudi Arabian public investment company, announced that they are forming a joint venture (JV) worth €160 million (US$167 million) to manufacture vertical transportation (VT) solutions including elevators, escalators and moving walks on a large scale in the Kingdom of Saudi Arabia. Alat will also become a direct shareholder of TKE and a member of the current investment consortium with a 15% stake.

Read more:

Worker dies while cleaning elevator in Rasht; cause of accident under investigation

TKE says it will bring leading technology, manufacturing expertise and safety practices to Alat and Saudi Arabia as the JV will collaborate on the project as an innovation hub that includes a comprehensive training center. “This partnership is a milestone in our transformation journey and marks a new era that underscores TKE’s active participation in the development of Saudi Arabia,” said Uday Yadav, CEO of TKE.

Translator: Naeemeh Goli

Source:

https://elevatorworld.com/news/daily-news/tke-and-alat-announce-jv-to-manufacture-vt-locally-in-ksa/