Expansionist Spanish car parts maker Cie Automotive has bought the 50% it didn’t already own in Mexican joint venture CIE Desc for EUR71m from Kuo Automotriz, a company official confirmed.
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Under the agreement, Cie will expand its presence in the key Mexican market and own six factories there, the official told just-auto.
Mexico, Latin America’s second-largest economy, is key for Cie as the country is playing a growing role as a parts manufacturing hub supplying the US and Canada under the NAFTA free trade agreement.
Cie will continue to grow in Mexico through acquisitions or ‘green field’ manufacturing projects.
The Basque Country-based group carries out 52% of its production in Brasil, Mexico, Czech Republic, Portugal, Romania and China.
Ivan Castano Freeman
