Dubai Cables subsidiary Dubai Metals Business (DMB) has acquired Dubai-based copper and aluminum producer GIC Magnet Wire, according to a {press release}. The acquisition allows the Dubai Cables subsidiary to expand its downstream product offering, CEO Mohamed El Ahmedi said. GIC Magnet is also the only supplier from the region with market approval from US original equipment manufacturers (OEMs), the statement said.

The acquisition is expected to reel in some USD 40.5 mn in increased annual revenues, according to the statement.

About the companies: DMB’s products range from copper and aluminum rods and wires to cable conductors, with 75% going towards 45 countries across the Middle East, Africa, Asia, Europe, and the Americas, according to its website. GIC Magnet’s products include copper rods and paper- and fiberglass-insulated wires, with a 50k square foot manufacturing facility in Jebel Ali. The company exports to 14 countries.

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