Metair is investing R650m in auto components business
The company's businesses in the automotive components vertical 'successfully secured major contracts'.
South Africa-based international manufacturer, distributor and retailer of energy storage solutions and automotive components, Metair, is investing R650-million in a range of automotive component businesses, said MD Theo Loock (pictured), according to an article by Engineering News.
This comes as each of the businesses in the Automotive Components Vertical “successfully secured major contracts arising from new-vehicle launches, planned to service the export and local markets”.
One such company is Hesto Harnesses, in which Metair has a 75 percent stake. This company will supply the full spectrum of wire harnesses to a range of new customers.
“This could see Metair add some 3 200 employees, with a capital investment of approximately R500-million, securing turnover of between R12-billion and R14-billion over the planned model life period of seven years,” said Theo on Wednesday as he announced the group’s results for the year ended December 31.
Metair’s associate company Valeo SA has also secured the manufacture and supply of heat, ventilation and cooling modules from the Mercedes-Benz plant in the Eastern Cape, for “much higher than the current units [produced] in East London, from April 2021”.
Metair on Wednesday announced a 9.4 percent increase in revenue to R11.2-billion, with operating profit inching up 0.9 percent .