Compagnie Industriali Riunite S.p.A.

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CIR

IT0000080447

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Apr. 22	CIR bought back own shares for EUR609,000 approx.	AN
Apr. 15	CIR goes ahead with buybacks of its own ordinary shares	AN

CIR Compagnie Industriali Riunite : Sogefi (CIR group) to build a new factory in Morocco

March 21, 2017 at 04:11 am EDT

From 2018 the plant will manufacture two new models of engine filters
Adding € 30m to annual sales from 2020Milan, 21 March 2017
- Sogefi, the automotive components company of the CIR Group, announces a plan to build a new factory in Morocco, the company's first industrial site in Africa.

The company has already received new orders for both the local market and the European market that will bring in additional annual sales of € 30 million from 2020.

The plant, which will start operating at the beginning of 2018, will manufacture two different models of engine filtration systems (a metal diesel filter and an oil filtration module) for original equipment manufacturing (OEM) and original equipment spares (OES) for various vehicle types. The 10,000 square-metre factory will be built in the free trade zone of Tangier and will employ 120 people.

Potential new business initiatives currently under negotiation could increase the size of the plant to 25,000 square metres and the number of employees to 300, giving annual sales of € 60 million in 2021. With this scenario, the total investment could reach € 10 million.

'This investment - Sogefi's CEO Laurent Hebenstreit said - further strengthens the competitiveness of Sogefi's manufacturing base and provides support for profitable growth in Morocco and in Europe'.

Moroccan car production has experienced strong growth in recent years; several international car manufacturers and component suppliers have already invested or are planning to invest in Morocco, for which a production volume of 1 million vehicles per year is envisaged around 2025.

CIR - Compagnie Industriali Riunite S.p.A. published this content on 21 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 March 2017 08:11:17 UTC.

Original documenthttp://www.cirgroup.com/press/press-releases/document/sogefi-cir-group-to-build-a-new-factory-in-morocco.html

Public permalinkhttp://www.publicnow.com/view/2915528936F5818F557C56B41F117B5C2455EAD4

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Company Profile

CIR SpA Compagnie Industriali Riunite is an Italy-based company. The Company structures its business into five sectors: Energy, Media, Automotive Components, Healthcare and Non-core Investments. In the Energy sector, the Company is active in the generation of electrical power and distribution of natural gas. The Media sector is focused on publishing, radio, television and Internet portals operation. The Automotive Components sector is primarily engaged in the production of engine systems and suspension components. In the Healthcare sector, the Company is active in the operation of nursing homes and rehabilitation centers, as well as in the provision of hi-tech medical services, such as diagnostic imagining, nuclear medicine and radio therapy. In the Non-core Investments sector, the Company is involved in venture capital funds, private equity funds and other investments.

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