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Tuesday 26 September 2017

Morocco, Magneti Marelli Group Ink € 37 mln Agreement

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Morocco, Magneti Marelli Group Ink € 37 mln Agreement

Moulay Hafid Elallamy, Minister of Industry, Investment, Trade and Digital Economy, Mohamed Boussaid, Minister of Economy and Finance and Pietro Gorlier, CEO of Magneti Marelli signed, Tuesday in Rabat, an agreement concerning the installation of a manufacturing facility specialized in automotive components production and which will deliver shock absorbers in the first phase.

Morocco and Italian Magneti Marelli Group signed an agreement on setting up in Tangiers a plant specializing in producing car components for an amount of 37 million euroThe industrial zone will be located in Tangier, in the free zone "Tangier Automotive City", and will cover an area of approximately 20,000 square metres, with the possibility of subsequent expansion. The production capacity, when fully operational, will be approximately 6 million pieces. Production is forecast to begin within 2019, with the progressive employment of approximately 500 workers by 2025, said a statement by the Ministry of Industry.

The activity will initially focus on the production of shock-absorbers for cars and commercial vehicles, with the possible extension of the scope to other products, it added.

For Magneti Marelli, the localization of production in Morocco follows the logic of supporting locally the industrial sites and the business expansion of a number of important automotive clients in the North African region, and marks the opening of a new market in the Maghreb area.

Magneti Marelli designs and produces advanced systems and components for the automotive industry. With 86 production units and 12 R&D centres in 19 countries, approximately 43,000 employees and a turnover of 7.9 billion Euro in 2016, the group supplies all the major carmakers in Europe, North and South America and the Asia Pacific region. The business areas include Electronic Systems, Lighting, Powertrain, Suspension and Shock Absorbing Systems, Exhaust Systems, Aftermarket Parts & Services, and Plastic Components.