East Pipes Integrated Company for Industry has announced that it had signed agreements worth about SAR8.92 million ($2.3 million) with selected suppliers to acquire strategic material handling assets.

The agreements include a contract worth about SAR7.2 million with Saudi Liebherr, the exclusive distributor of Liebherr construction machinery in the Kingdom of Saudi Arabia, and another worth about SAR1.725 million with US-based Vaccuworx,  a leading provider of vacuum lifting equipment for a number of industries world, said East Pipes in its filing to Saudi bourse Tadawul.

The company said the acquisitions are intended to strengthen its operational capabilities by securing advanced and reliable material handling equipment to support its operations and strategic objectives, it stated.

East Pipes said there were no additional costs associated with the project beyond those disclosed previously.

The update follows the company's March 31 announcement that it planned to enter into contracts with one or more parties to invest in strategic material handling assets, stated East Pipes in its bourse filing.

These agreements are part of the Saudi firm’s efforts to enhance its operational capabilities and ensure the availability of advanced and reliable equipment to support its material handling activities and achieve its operational and strategic objectives, it added.-TradeArabia News Service