The acquisition will expand DMB’s market reach, enabling it to diversify its offerings and engage with a broader range of customers in the power and mobility sector, and projecting a revenue growth of USD 40.5 million.
Apr 22, 2024
Ducab Metals Business (DMB) has acquired GIC Magnet, underlining its efforts to expand its product portfolio and global market presence. The acquisition will help the company diversify and introduce a unique product line. At present it offers copper and aluminium strips utilized in various key sectors such as automobiles, transformers, transportation, shipping, motors, electric vehicles, and electromagnet applications.
This marks a significant milestone aimed at strengthening its global presence and becoming one of the key players in downstream products in the non-ferrous metals industry. The acquisition has opened the doors for DMB to the US market, as GIC Magnet has been the sole supplier from the region with US market approval for paper-insulated aluminium strips.
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“The acquisition of GIC Magnet expands DMB’s downstream product offering and aligns with our diversification strategy to expand our market presence and broaden our portfolio on a global scale. By penetrating wider markets and advanced economies, the company will achieve sustainable revenue growth of USD 40.5 million,” said Mr. Mohamed Al Ahmedi, Chief Executive Officer of Ducab Metals Business. “ This strategic move reinforces our commitment to innovation and sustainability, providing our customers with a comprehensive range of high-quality, eco-friendly solutions that meet their evolving needs. With the demand for these products in various industry segments growing at a CAGR of 2.5 percent globally, this acquisition strengthens our ability to efficiently serve diverse industrial requirements and create long-term value for our stakeholders.”
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“We are pleased to join DMB and contribute our expertise to their global operations,” said Mr. Amit Shah from GIC Magnet. “Integrating our capabilities into DMB’s portfolio will enable the company to expand its product offerings and serve a broader customer base. We are confident that this acquisition will drive the metal industry’s sustainable growth.”
