Profits and sales rise for Gestamp as it builds new Four Ashes factory
Gestamp, the Spanish car parts manufacturing group currently building a new factory in South Staffordshire, has seen its sales jump more than 10 per cent to £3.7 billion in the first six months of the year.
Net profit soared 27 per cent to £103 million as Gestamp claimed it had outperformed its market by more than five times.
The group employs around 36,000 at more than 110 factories and R&D facilities worldwide with another nine under construction. Gestamp is moving its Cannock factory to a 50,000 sq m site at Four Ashes which will employ 800 people.
Gestamp says its growth has been driven by good volumes of existing programmes and the ramp-up of new projects. Its Western European market grow 9.2% to £1.9bn.
The first half has also seen 'significant investments to accommodate awarded business' to enable it to maintain growth.
“We are very satisfied with the performance recorded during the first half of 2017," said Gestamp president and CEO Francisco Riberas. "The good volumes of existing programmess especially in Eastern Europe and Mercosur (the Argentina, Brazil, Paraguay and Uruguay trade block) confirm that we are on track to achieve our targets for this year."
“Gestamp will remain in the same path in order to continue growing the business at a rate above the market and to take advantage of the increasing outsourcing trend. Our customers trust leading long-standing suppliers with best in class technology and we are uniquely positioned to capitalize on this opportunity."
