Maxion Announces Strategic Actions to Serve Growing Demand for Light Vehicle Aluminum Wheels in South America
IOCHPE-MAXION SA S/ADR (IOCJY)
NASDAQ:AMEX Investor Relations:
iochpe.com.br/show.aspx?idcanal=usejxvevq7imowhn0jgcng==&linguagem=en
Company Research
Source: Business Wire
Includes Joint Venture through Polimetal to Increase Capacity in Argentina SÃO PAULO--(BUSINESS WIRE)--Iochpe-Maxion (B3: MYPK3) through its wheels business, Maxion Wheels, announced the strategic expansion of its light vehicle aluminum wheels business in South America with the redeployment of existing global assets to Brazil, and the acquisition of a 50.1% shareholding in Polimetal, a leading producer of aluminum wheels in Argentina.“Passenger car sales continue to rise across South America, with our wheels business, especially light vehicle aluminum wheels, continuing to gain share in Mercosur,” stated Pieter Klinkers, President and CEO of Iochpe-Maxion. “To address this growing market and corresponding aluminum wheel demand, Maxion Wheels is implementing three strategic initiatives. First is the utilization of our global operations, together with our domestic forces in Brazil, to support the immediate additional demand. Second is the redeployment of existing global assets to our
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