MILAN (Reuters) - Electric motor component maker EuroGroup Laminations (EGLA.MI) said on Friday it would invest 50 million euros ($55 million) to expand its production capacity in Mexico to serve the automotive industry.
The Italian company has Volkswagen (VOWG_p.DE), Renault (RENA.PA), Ford (F.N), GM (GM.N) and an undisclosed U.S.-based major maker of electric vehicles (EVs) among its clients.
Eurogroup Laminations said in a statement that, as part of the investment announced on Friday, it had built a new plant in the Mexican state of Queretaro, adding to the facilities it has already there.
The Milan-based group - which specialises in stators and rotors, two core components of electric motors and generators - has seven plants in Italy while its facilities abroad also include ones in China and the United States.
CEO Marco Arduini said the new investment would help the company boost its production capacity for the rapidly growing North American EV market, which has already ensured its orders worth 3.5 billion euros for the 2024-2028 period.
EuroGroup Laminations' automotive total order book amounted to a record 6.4 billion euros in October last year, the company said.