Sogefi has opened two new factories in China, in Wujiang, in the Shanghai area. The first factory, over 15 square meters in size, is intended for the production of suspension components for motor vehicles and will initially serve BMW, Daimler, Fiat-Chrysler, Ford and PSA.
The second plant instead deals with engine systems and will serve Daimler, Sgm-Saic, Ford and Jangling Motors. Once fully operational, the two factories of the Cir group auto components company will employ a total of over 500 employees. The investment will be approximately 40 million dollars.
"The new investments in both areas of Sogefi's business - explained Rodolfo De Benedetti, president of the Cir group and of Sogefi - can allow the company to grow more rapidly in China and play a leading role".
China is the largest car market in the world, with 17,9 million cars registered in 2013 and double-digit growth (+15,7%) compared to 2012. Sogefi's goal is to establish itself among the leading manufacturers of components for suspensions and engine systems in the country, reaching revenues in China of over 2017 million dollars in 100, against the 30 expected for 2013. The estimated average annual growth rate is over 30%.
“This initiative – said Guglielmo Fiocchi, Chief Executive Officer of Sogefi – fits into the company's strategy of combining its historic presence in Europe with ever greater expansion in emerging countries. In recent years we have grown a lot in North and South America. Our goal now is to repeat ourselves in Asia and above all in China”.
