JV for New Machining Plant
Fagor Ederlan and GIS constitute a Joint Venture for the implementation of a new machining plant focused on the automotive sector of NAFTA
Saltillo, México, 17 de febrero del 2015 -- Grupo Industrial Saltillo announces the formalization of a joint venture with Fagor Ederlan for the establishment of a new plant for the machining of iron castings for the automotive industry in North America, which will start operations during 2016.
Each partner will own 50% of the shares. The JV will seek to take advantage of the dynamism of the NAFTA market and its relevance in the offer of global projects. It will allow the full developement of the supply of the entire portafolio of iron products of both companies. This is the result of the vison and strategy that both companies share about the international developement of their business.
The investment will be of aproximately US$ 52 million and will generate 150 new jobs.
The new plant will reach a maximum capacity of 5 million units in 5 years; its portafolio will be centered in automotive components for the suspension, steering and powertrain systems, among others.
Fagor Ederlan is a leading company in the automotive industry with over 50 years of experience and strong global presence in Europe, South America, Asia, and now with this JV will be reaching NAFTA. The developement of alliances with leading companies in the industry is the core of the internalization strategy of Fagor Ederlan.
José Manuel Arana, CEO of Grupo Industrial Saltillo (GIS) mentioned: "This partnership consolidates our strategy and commitment to deliver high value added solutions to meet the needs of our clients. Without considering the investment of this JV, we have invested from 2011 to 2015 approximately US$ 260 million to expand our casting capacity and incorporate machining procesess to our autoparts portfolio".
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