TKE and Alat Announce JV To Manufacture VT Locally in KSA

On February 24, TK Elevator (TKE) and Alat, a Saudi Public Investment Fund company, announced they are forming a EUR160-million (US$167-million) joint venture (JV) to manufacture vertical-transportation (VT) solutions including elevators, escalators and moving walks in the Kingdom of Saudi Arabia (KSA) to support large-scale developments in KSA and the greater Middle East and North Africa region. In the deal expected to close in the third quarter, Alat also becomes a direct TKE shareholder and member of the current investment consortium with a 15% stake. TKE says it will bring Alat and Saudi Arabia leading technology, manufacturing expertise and safety methodology, as the JV will serve as an innovation hub that includes a comprehensive training center. “This partnership marks another important milestone in our transformation journey and represents a new era that underscores TKE’s active participation in the upcoming development supercycle in KSA,” TKE CEO Uday Yadav said.