Ficosa has announced that it has acquired US-based rear view mirror manufacturer Camryn.
The Spain-based components maker says that the move ‘positions Ficosa for a 20% increase in sales in the NAFTA economic zone (US and Mexico), diversifies its client portfolio, and specifically increases its Asian manufacturing presence from 2% to 25%’.
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Camryn becomes the third US company the Ficosa has welcomed since acquiring Delbar in 2008 and IMIC in 2010.
Ficosa says the new acquisition has significantly increased the group’s rear view market share in the NAFTA zone to 28.7%.
Ficosa also says that it is focusing its growth beyond NAFTA, reaching out to Asian markets, which it hopes will generate 30% of its sales within five years.
Efforts to expand in Asia also include plans for two new assembly plants to support its Shanghai manufacturing facility which is currently being expanded.
The Ficosa Group is forecasting that it will exceed EUR1bn in sales this year.
See also: ANALYSIS: Ficosa reflects on its position in NAFTA
