The turnkey industrial contractor executes a US$ 140 million contract to complete a 4,200 tons per day cement production facility
ASEC for Manufacturing and Industrial Projects (ARESCO), a turnkey contractor serving the cement, energy, petrochemical, petroleum and general industrial sectors, today announced that it has completed construction of a second production line at Sinai Grey Cement’s production facility in Al-Arish, Sinai.
ARESCO, in conjunction with nominated supplier FLSmidth, completed the US$ 140 million fast-tracked project on-budget in just 25 months, well below the industry average of 32 months for projects of this kind.
The production line is now running at full capacity. ARESCO’s optimized equipment design allows Sinai Grey’s second production line to surpass the facility’s expected output of 4,200 tons per day (tpd) of clinker with heavy fuel oil.
“ARESCO’s work on Sinai Grey’s second production line is an achievement. It was a fast-track, turnkey contract that stayed on budget and today produces above the anticipated daily clinker output,” said Paul Donohue, ARESCO’s Chief Executive Officer. “At ARESCO, we have invested a great deal in building a team capable of executing projects at this level. From engineers to project managers, we now have a team that allows us to expand our service offerings into new industries and new regional markets.”
ARESCO, a subsidiary of ASEC Holding, Citadel Capital’s Platform Company in the industrial services and contracting sector, announced in March of this year a comprehensive restructuring plan as the company moves to improve its operating efficiency, build additional capabilities and grow its market share in Egypt and the region.
The company’s project management team has placed particular focus on achieving project schedules and delivery of high-quality output. ARESCO is currently working on cement and non-cement construction and steel fabrication projects spanning from Algeria to Egypt and Sudan.
ARESCO, a Portfolio Company of ASEC Holding, houses state-of-the-art engineering, steel fabrication and construction units that fabricate quality industrial products including boilers, cement mills, preheaters, tanks, condensers and pressure vessels. With over 4,000 employees, ARESCO is a rapidly growing business that has undertaken turnkey projects in Egypt, Iraq, Jordan, Qatar, Sudan, Algeria and Libya.
Citadel Capital is the leading private equity firm in the Middle East and North Africa. The firm focuses on building regional platform investments in selected industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has returned more than US$ 2.2 billion in cash to investors, more than any other private equity firm in the region.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)
Tel: +20 2 2791-4440 begin_of_the_skype_highlighting +20 2 2791-4440 end_of_the_skype_highlighting • Fax: +20 22 791-4448
Mobile: +20 16 662-0002