Faremco partners with General Electric
Local firm gets franchise to manufacture for GE
Faremco, a locally-based manufacturer of electrical infrastructure equipment, has signed a strategic partnership with global electronics group General Electric (GE). Through the agreement, Faremco obtained a franchise to manufacture products for the US-based group and distribute them in Lebanon, Saudi Arabia, Iraq, and Afghanistan.
Khaled Farshoukh, Chairman of Faremco, said: “We have been working on this project for two years, and we finally earned a license to manufacture electricity infrastructure equipment, including switchboards, under the name of General Electric.” He said the license is the first of its kind in the Middle East.
As part of the franchise deal, GE delegated an engineer to provide consultancy services to Faremco. “GE has offered us its knowhow and the technology it uses in manufacturing these products,” Farshoukh said.
Faremco invested about $1 million preparing for this partnership. Investments were mainly focused on human resources. Farshoukh said: “Specialized electronic and electrical engineers were hired, and they were sent out for training at GE facilities in Spain and Hungary.” He said: “We also expanded our research and development center, and invested in modernizing and renewing the machines.”
Faremco was founded in 1999 and has established business relationships with 21 countries around the world. Its business is mainly focused on manufacturing, contracting, and engineering electrical infrastructure projects. The partnership with GE increased the number of workers by around 15 percent. “The number of workers, excluding administrative employees, grew from 55 to 70,” Farshoukh said.
Date Posted: May 09, 2013