Kanoo Group buys storage systems firm Stor-mat
The Kanoo Group, a Gulf-based multinational group of companies which has been in existence in excess of 120 years has announced the acquisition of Stor-mat Systems, Dubai-based storage systems specialists.
The transaction is in line with the group’s philosophy of expanding within its area of core expertise and Stor-Mat will compliment Kanoo Machinery’s and Kanrent’s material handling products to the logistics industry which is envisaged to grow strongly across the region. With this acquisition, Stor-Mat Systems will be the newest addition to the fourteen divisions of The Kanoo Group.
Mishal Kanoo, The Kanoo Group’s Deputy Chairman welcoming the acquisition, said: “There is a strong demand for material handling in the region and we have taken over Stor-mat Systems to satisfy this demand. The global potential of the material handling services sector is growing fast and the acquisition promises attractive returns as there is a strong potential for expansion in the region.”
Stor-mat Systems having commenced its operations in 1993, is one of only a few locally based storage and material handling companies with the in-house expertise to carry out the design of complex storage facilities. The company, which operates office in Dubai, is managed by a British management team headed by Brian Burns and backed up by a group of reputable and strategic agencies. These include Eonmetall, Kardex Mlog, Ettax, Stow International and GS Engineering (formerly known as GS Scaffalature), some of worldwide leading manufacturer of world class metalwork and suppliers of high-end storage, each with decades of industrial experience in storage and material handling services.
“Stor-mat Systems is excited to be part of The Kanoo Group as a result of this acquisition. We look forward to substantial growth and of becoming a major asset within the Group”, said Brian Burns, General Manager, Stor-mat Systems.