Gestamp has unveiled 2018 net income up 7.5% to EUR258m (US$293m), with revenue rising 4.2% to EUR8.54bn.

EBITDA reached EUR961m, up by 7.9% versus last year or 15.8% at constant currency, reaching an 11.2% margin.

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The Spanish supplier’s global workforce has continued to grow to more than 43,000 employees across the 22 countries where it has industrial presence.

Gestamp experienced solid growth during Q4 mainly as a result of the ramp-up of new projects, especially in NAFTA, Mercosur and Europe, partially offset by FX headwinds.

Revenue during this period increased by 8.9% or 13.8% at constant FX and EBITDA grew at 6.4% or 13.2% at constant FX.

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“Gestamp has achieved its 2018 full year targets for revenue and EBITDA despite having experienced a more challenging than expected H2 as a result of market conditions due to shifts in production volumes particularly in Western Europe and Asia,” said Gestamp CEO, Francisco López Peña.

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Gestamp has opened six new facilities, with the most recent the new plant in Tianjin and the incorporation of a site in Beijing, due to the joint venture with the local manufacturer BHAP, a subsidiary of BAIC Group.

The supplier has also entered the Japanese market with a new plant specialised in hot stamping. The company has equally opened new plants in UK, Mexico and Brazil.

Gestamp currently has four plants in construction which are expected to be inaugurated during 2019 (Mexico, Slovakia, US and Morocco).

“We are involved in strong investments as a result of the increasing outsourcing trend,” added Peña.

“Lightweight solutions continue to be key to reduce CO2 emission [s] and with the increase of penetration of Electric Vehicles.”