R$ 100 million Investment Will Serve Growing Customer Needs for Truck Wheels and Chassis Components
Iochpe-Maxion, a multi-billion dollar global leader in the production of automotive wheels, and a leading producer of automotive structural components in the Americas, announced today an investment of R$ 100 million for the expansion of its operations in Cruzeiro, Brazil. “Despite the current market uncertainties generated by the pandemic, and also the conflict between Russia and Ukraine, Iochpe-Maxion’s long-term commitment to serving customers’ needs remains our strategic focus,” said Marcos de Oliveira, Iochpe-Maxion CEO and President. “As part of our annual plan, we are excited to communicate investment activities underway for our Commercial Vehicle operations. We are not only adding capacity to address the growing demand for our high-quality products, we are also further enhancing our manufacturing processes to ensure our product solutions continue to add value and remain cost-competitive. As we grow in Brazil we are also strengthening our operations in Mexico to serve our North American customers.
The investment will add 400 thousand truck wheels and 110 thousand agricultural wheels to Cruzeiro’s annual capacity. Start of production for the new truck wheel capacity will begin in the first quarter of 2023, and the third quarter of 2023 for the agriculture wheels. The Structural Components plants will diversify their production of parts further strengthening its relationships with truck manufacturers. The company recently announced ROADMAP ZERO, a strategy to become a carbon neutral mobility supplier by 2040. Its efforts in sustainability were recently recognized by BNDES with the 1st place prize for “All for Sustainability” in the category of education support, and for the positive social impact generated by the Iochpe Foundation for the Formare program.
Iochpe-Maxion is a world leader in the production of automotive wheels and a leading producer of automotive structural components in the Americas.The Company has 32 manufacturing plants located in 14 countries and approximately 17,000 employees, operating its business through two divisions: Maxion Wheels and Maxion Structural Components.