Filling and Packing Materials Manufacturing Co. (FIPCO) and Saudi Top for Trading Co.(STP) signed, on July 11, a three-year non-binding memorandum of understanding (MOU), to enhance means of cooperation and mutual and joint investment in research projects.
In two separate statements to Tadawul, FIPCO and STP pointed out that the MOU will enable both parties to benefit from recycling plastic products and develop new products with qualitative characteristics that fulfill various purposes and are easy to recycle.
FIPCO CEO Abdullah Alharbi and STP CEO Wail Aljaaidi signed the MOU, which came into effect on the signing date.
The MOU aims to exchange sources of knowledge and technical expertise, share programs in the planning, organizational excellence, and improve performance across departments. It is an opportunity to cooperate in facilitating cooperative training programs for employees of both companies, as per the provisions of the by-laws, regulations, and capabilities available for each party, the statements outlined.
The MOU also seeks to enhance cooperation in product development, quality assurance and sustainability solutions, and exchange information for joint cooperation to achieve the companies’ strategic goals within the framework of Vision 2030.
FIPCO and STP stressed that the MOU does not entail any financial or legal obligations for any party. Any resulting agreements will be timely executed with detailed clauses.
There is no interest for related parties linked to the MoU, both companies affirmed.
