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Signify: joint venture with Gila Electric
(CercleFinance.com) - Signify and Gila Al Tawakol Electric launch a joint venture to develop a regional manufacturing base in Egypt.
The new facility will expand and diversify Signify's manufacturing footprint, capitalizing on its strong capabilities in Egypt, and extend the company's reach and access to important markets in Europe, Africa and the Middle East.
Gila Electric is a manufacturer, distributor and seller of quality electrical products, with a strong heritage of over 50 years of manufacturing expertise.
Signify will retain a 60% stake in the new entity, Signify Gila Lighting Technologies, and will take operational control of the business. The company will be located near Cairo, where it will manufacture state-of-the-art LED lamps and luminaires. It is expected to be fully operational in the first quarter of 2025.
' 'We are delighted to partner with a strong regional player with decades of manufacturing experience, access to top talent, a strong supply network and exceptional industry knowledge.
Ramy Tawakol, Director of Business Development at GILA Al Tawakol Electric, added: 'The newly established site in Egypt will offer a sustainable product, leveraging its strategic location for efficient delivery to customers in Africa, MENA and Europe. '
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The new facility will expand and diversify Signify's manufacturing footprint, capitalizing on its strong capabilities in Egypt, and extend the company's reach and access to important markets in Europe, Africa and the Middle East.
Gila Electric is a manufacturer, distributor and seller of quality electrical products, with a strong heritage of over 50 years of manufacturing expertise.
Signify will retain a 60% stake in the new entity, Signify Gila Lighting Technologies, and will take operational control of the business. The company will be located near Cairo, where it will manufacture state-of-the-art LED lamps and luminaires. It is expected to be fully operational in the first quarter of 2025.
' 'We are delighted to partner with a strong regional player with decades of manufacturing experience, access to top talent, a strong supply network and exceptional industry knowledge.
Ramy Tawakol, Director of Business Development at GILA Al Tawakol Electric, added: 'The newly established site in Egypt will offer a sustainable product, leveraging its strategic location for efficient delivery to customers in Africa, MENA and Europe. '
Copyright (c) 2024 CercleFinance.com. All rights reserved.