Wafi Group has announced that it has signed an agreement to acquire Raycom Engineering Systems. The company has been providing services in the Middle East to the Oil & Gas industry since 2006 with manufactured Seals and Precision Engineering Products used for midstream, upstream and downstream applications and offers a wide range of engineering and energy solutions.
Being a technology-driven enterprise, the company is focused on innovation, research & development for emerging markets. “Raycom Engineering Systems is well-positioned to deliver unique solutions to clients through its traditional placement capabilities. We are constantly looking for opportunities to better serve our customers and are thrilled to be part of the Wafi Group” said Anura Leslie Perera, Executive Chairman, Raycom Engineering Systems. “We have enjoyed tremendous success over the years and are excited to continue our journey as part of the Wafi Group family. We are looking to expand further into the Aerospace arena and believe this partnership will enable us to enhance within this area and allow us to grow regionally and beyond.”
Khalil Abdulla, newly-appointed director of Raycom Engineering and representative of Wafi Group said “We continue to focus on and capitalise in diversifying our business and investment portfolio to deliver steady revenue generation through varied businesses. Raycom is well-established and trusted by their customers for outstanding precision engineering workmanship, delivery & customer service. Acquiring a company such as Raycom Engineering Systems is a step into a new field for us and is a welcome addition to the Wafi Industrial portfolio.”
Wafi Group’s acquisition of Raycom Engineering Systems broadens market presence across the industrial sector. “Both companies have complementary operations and cultures and the joining of forces will present a huge opportunity going forward. With both companies present across a variety of fields, we look forward to shaping the future of this field with the added expertise and resources of Raycom. With current government policies encouraging a broader UAE industrial base, we are advancing by including Raycom Engineering under our umbrella and will now have access to high precision engineering.” said Peter French, Managing Director, Wafi Group.
Wafi Group continues to make meaningful investments across a range of sectors in the region.