Alat, Saudi Arabia’s new advanced industries firm, has acquired a 15% stake in Germany’s TK Elevator and announced a €160 million ($166.62 million) joint venture to produce elevators and escalators locally. The companies aim to establish the JV headquarters in Saudi Arabia and begin manufacturing in the kingdom.
Launched by Saudi Crown Prince Mohammed bin Salman earlier this month, Alat’s mission is to position Saudi Arabia as a global hub for electronics and advanced industries. The deal is expected to close by the third quarter of the year, with Alat joining TK Elevator’s investment consortium.
In 2020, TK Elevator was formed after the sale of Thyssenkrupp’s elevator division to private equity firms.
