Work has commenced on Agrati’s new industrial building in the business area of Val Guiers (Savoie, France), which will cover 5,600 m2 and will cost €17.4 million.
Agrati La Bridoire, part of the Agrati Group, laid the first stone of the new building, near to the 3,500 m2 logistics centre built in 2014. Specialising in automotive fasteners, Agrati La Bridoire grew by 50% in 4 years and this year is predicted to see turnover exceed €30 million with 175 employees, due to the strong performance of the car market in Europe and the distribution of manufacturing within the Agrati group.
Production at the new site is scheduled to begin in April 2017.
Agrati snaps up CMG
Back in September, Agrati Group acquired Continental Midland Group (CMG), a North American engineered fastener company in the automotive, commercial vehicle and industrial markets with four production plants focused on screws, bolts, nuts and special cold forged parts, and one logistic centre. The plants and logistic centres are located in Illinois, Ohio and Indiana while the Sales and Applications Engineering Center is located in Southfield Michigan.
Agrati Group is targeting international growth through its industrial, commercial and technical presence in the North American market. The group said that CMG will contribute to that goal, providing customers with “an even greater level of service and technical support through a wide product variety, in line with the main Agrati Group targets: globalisation, technical leadership and full supply chain provider”.
“The CMG acquisition will enable Agrati to increase their current business and develop stronger relationships with both customers and suppliers, becoming one of the largest fastener manufacturers in the world.
“The Agrati family confirms a strong commitment to strengthen the sustainable development of the Group, ensuring the principles of competitiveness and innovation.”
Following the acquisition, the Agrati Group expects a consolidated turnover of over 640 million Euros ($700 million USD), with 12 manufacturing plants, 5 logistic centres and 2,500 employees.