The Kanoo Group snaps up Stor-mat
UAE giant envisions Kanrent/Kanoo Machinery tie-in for storage company
The Kanoo Group will look to incorporate its newest acquisition, the Dubai based storage systems specialist Stor-mat Systems, alongside Kanoo Machinery’s and Kanrent’s material handling operations.
Stor-mat Systems was founded in 1993, and is one of only a few locally based storage and material handling companies with in-house expertise to carry out the design of complex storage facilities. The company said Stor-Mat will compliment Kanoo Machinery’s and Kanrent’s material handling products to the logistics industry which are hoped will grow strongly across the region.
“There is a strong demand for material handling in the region and we have taken over Stor-mat Systems to satisfy this demand,” said Mishal Kanoo, Kanoo Group’s deputy chairman. “The global potential of the material handling services sector is growing fast and the acquisition promises attractive returns as there is a strong potential for expansion in the region.”
Stor-mat Systems’ general manager Brian Burns added, “Stor-mat Systems is excited to be part of The Kanoo Group as a result of this acquisition. We look forward to substantial growth and of becoming a major asset within the Group.”