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Saudi Pallet Manufacturing Company Signs a $90 Million Memo of Understanding for Paxxal Plastic Pallet Production and Logistics Partnership with Saudi Arabian Basic Industries Corporation (SABIC)
Copyright Business Wire 2019

Saudi Pallet Manufacturing Company (SPMC), a multi-use plastic pallet manufacturer utilizing Paxxal Inc.'s proprietary plastic pallet technology and design, has signed a $90 Million Memorandum of Understanding (MoU) with SABIC (Saudi Arabian Basic Industries Corporation). Under the MoU, SPMC will partner with SABIC to manufacture Paxxal pallets for export and develop supply chain initiatives for the local market.

The document was signed during the launch event of the National Industrial Development and Logistics Program (NIDLP) held January 28th, 2019 in Riyadh, Saudi Arabia.

Under the auspices of His Royal Highness, the Crown Prince of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, NIDLP is the Kingdom's largest and most impactful Saudi Vision 2030 Realization Program, which will transform the Kingdom into a leading industrial powerhouse and a global logistics hub. The cooperation agreement between SPMC and SABIC exemplifies the joint partnership between the Kingdom of Saudi Arabia's public and private sectors to utilize locally sourced technology, increase local employment, utilize local resources (such as SABIC's plastic), increase local GDP and much more.

Omar Shawaf, Chairman of SPMC, and Ben Stoller, CEO of Paxxal, were in attendance to sign the agreement. The MoU comes as a result of SABIC's strategic initiatives to develop the localization of goods and services and enhance Saudi capabilities to meet the objectives of Saudi Vision 2030.

"We are proud to sign this MoU with SABIC and we highly appreciate SABIC's efforts and vision to partner with a locally sourced technology company," says Shawaf.

Stoller adds; "SPMC and Paxxal are honored to build on our partnership with SABIC which will enhance the local capabilities and develop the Saudi workforce, clearly reflecting the objectives of the country Vision 2030 initiative."

About Paxxal

Paxxal is a platform company that specializes in logistics related products and services in the supply chain sector. By leveraging our expertise, proprietary materials and manufacturing processes we are able to provide sustainable competitive advantages and deliver total supply chain transformation. Our portfolio consists of three main divisions Industries, Logistics and Analytics. More information on Paxxal is available at www.paxxal.com.

https://cts.businesswire.com/ct/CT?id=bwnews&sty=20190129005678r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: https://www.businesswire.com/news/home/20190129005678/en/

SOURCE: Paxxal


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