Unimech and YBA Kanoo Form Saudi JV

Unimech, a company from Bengaluru, India, has teamed up with YBA Kanoo, a company from Saudi Arabia, to create a new business together.

They will build a factory in Dammam, Saudi Arabia, to make and fix precision parts.

Unimech will own 51% of the new business, and YBA Kanoo will own 49%.

They plan to spend about $30 million and expect to make $80 million in sales over five years.

This new factory will help meet the growing need in Saudi Arabia for local precision machining and repair services.

It will start with advanced machines and later expand to include more complex services.