Spain-based Gestamp to open a new plant in San Luis Potosi this year
Automotive parts manufacturer Gestamp plans to open four new production facilities worldwide, including one in Mexico, revealed media in Madrid, Spain, where the company is headquartered. Other plants will open in the United States––specifically in Michigan––as well as in Slovakia and Morocco.
The Mexican facility will be located in San Luis Potosi, from where the company will supply components for BMW, General Motors, and Renault, according to these reports. Neither the amount of investment nor the number of jobs positions to be opened at the new plant were revealed.
Spanish media highlighted the fact that the company is committed to growth instead of improving its credit and financial ratings, which have been degraded by S & P and Moody’s in recent years. However, its managers defended the strategy.
“These years, we wanted to grow more. Other companies have taken advantage to reduce their debt. We believe that there is an opportunity and, despite the fact that everyone is worried about the cyclical sectors, we believe that we are at a key moment and that it is not time to stop investments,” said the company’s CEO, Francisco J. Riberas, in a breakfast organized by the Spanish Confederation of Directors and Executives (Cede).
With investments averaging US$900 million annually, Gestamp has opened 25 plants in recent years for a total 108 production sites in 22 countries, which has led it to increase revenue from US$2.27 billion to US$9 billion in a decade.