04:52 ET Knauf reinforces long-term commitment to Saudi Arabia through planned acquisition of a majority stake in United Mining Industries Company

, /PRNewswire/ -- The leading international building materials manufacturer Knauf today announced the planned acquisition of a majority stake in United Mining Industries Company (UMI), a leading Saudi-based building materials manufacturer serving Saudi Arabia, GCC and Middle East markets. This initial investment would give Knauf a 63.2% majority stake in UMI. After completion of this initial investment, Knauf intends to submit an offer to acquire up to 100% of the shares in UMI and to announce its firm intention to submit the subsequent offer after satisfying the relevant conditions, in accordance with applicable laws and regulations, including the Merger and Acquisitions Regulations issued by the Capital Market Authority. Knauf has been active in the Middle East for 30 years. Saudi Arabia is one of the Group's key growth markets and a central pillar of its regional strategy. Through its expanded presence, Knauf aims to support the Kingdom's industrial growth, sustainable development and Vision 2030 goals. A strategic step supporting Vision 2030 "UMI has a strong industrial base and market presence in Saudi Arabia," said Paul Button, General Manager, Knauf GCC. "By combining this foundation with Knauf's global manufacturing expertise, innovation capabilities, and technical know-how, we aim to further support the Kingdom's localisation agenda and contribute to the development of a more resilient and competitive construction sector." Eng. Raed Al Mudaiheem, Chairman of UMI, said: "We see this step as a long-term development phase that focuses on enhancing operational and manufacturing capabilities within the Kingdom and accelerating growth plans according to quality priorities and improving performance efficiency. The entry of a global industrial investor of the size of the Knauf Group confirms the attractiveness of the Saudi market to foreign investors and affirms the robustness of the industry in Saudi Arabia, demonstrating the success of Saudi plans in line with the Kingdom's Vision 2030, thanks be to God." The acquisition remains subject to satisfying conditions precedent and obtaining regulatory approvals. Pending regulatory approval, the Knauf regional leadership team will oversee integration and further development to ensure continuity and long–term value for employees, customers and business partners. Lazard has been acting as financial advisor to Knauf in this transaction, while AS&H Clifford Chance has been serving as legal counsel. Media Contact:Stephan Eichenseher | Knauf Group | [email protected] Knauf Group The Knauf Group is an international building materials manufacturer based in Iphofen, Germany. Founded in 1932, the family-owned company today is the world's leading producer of gypsum-based construction materials and systems, energy-efficient insulation, and system solutions for ceilings. It operates more than 300 production sites and sales organisations in over 90 countries on all continents. In 2024, its approximately 43,500 employees generated sales of EUR 15.6 billion. For more information about the Knauf Group, please visit our website at: www.knauf.com SOURCE Knauf Group