EV motor maker EuroGroup Laminations to expand production in Mexico

Eurogroup Laminations SpA

12/01/2024 14:31

MILAN, Jan 12 (Reuters) - Electric motor component maker
EuroGroup Laminations  EGLA.MI  said on Friday it would invest
50 million euros ($55 million) to expand its production capacity
in Mexico to serve the automotive industry.
    The Italian company has Volkswagen  VOWG_p.DE , Renault
 RENA.PA , Ford  F.N , GM  GM.N  and an undisclosed U.S.-based
major maker of electric vehicles (EVs) among its clients.
    Eurogroup Laminations said in a statement that, as part of
the investment announced on Friday, it had built a new plant in
the Mexican state of Queretaro, adding to the facilities it has
already there.
    The Milan-based group - which specialises in stators and
rotors, two core components of electric motors and generators -
has seven plants in Italy while its facilities abroad also
include ones in China and United States.
    CEO Marco Arduini said the new investment would help the
company boost its production capacity for the rapidly growing
North American EV market, which has already ensured it orders
worth 3.5 billion euros for the 2024-2028 period.
    EuroGroup Laminations' automotive total order book amounted
to a record 6.4 billion euros in October last year, the company
said.
    ($1 = 0.9140 euros)

 (Reporting by Giulio Piovaccari Editing by Alvise Armellini and
Mark Potter)
 ((giulio.piovaccari@thomsonreuters.com))