Nemak, S.A.B. de C.V. (“Nemak”) (BMV: NEMAK) announces that it has signed an agreement to acquire Cevher Döküm Sanayii A.Ş. (“Cevher Döküm”), a supplier of complex aluminum automotive castings based in Izmir, Turkey. Cevher Döküm exports most of its production to the European market, generating revenues of US$70 million in 2015.
The deal, which is expected to close before the end of the year, is subject to customary regulatory approvals. ‟This acquisition further enhances Nemak’s global manufacturing footprint as well as its core business,” said Armando Tamez, CEO of Nemak. ‟Given Cevher Döküm’s product portfolio and their proven track record supplying leading automakers in Europe, we are confident that the acquisition will create value and advance our growth plans in the region.”
