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5. CIE Automotive, S.A. Business Report FY ended Dec. 2019

CIE Automotive, S.A. Business Report FY ended Dec. 2019

Recent Years

Acquisitions

-The Company announced the acquisition of 100% of the share capital of Somaschini S.p.A. The value of the transaction amounts to EUR 79.6 million. With nearly 300 employees and estimated 2019 sales of approximately EUR 70 million, Somaschini has three production plants, two in Bergamo (Italy) and another one in Indiana (USA). It is specialized in the manufacture of gears, whose applications include sectors such as transportation and automotive, as well as industry or robotics. The closing of the transaction is subject to the fulfillment of the usual conditions in this type of transactions and will take place in 2020. (From a press release on September 25, 2019)

-The Company announced the acquisition of 100% of the share capital of the companies Maquinados de Precision de Mexico S. de R.L de C.V. and Cortes de Precision de Mexico S. de R.L de C.V. This integration will complement the group’s machining activities in Mexico and which will allow the company an important future physical and commercial expansion. The value of the transaction (enterprise value) amounts USD 65.5 million. The acquired facilities are located in Celaya, in the Mexican state of Guanajuato, the largest automobile corridor in Mexico, and are a key supplier for Tier 1 companies within the automotive sector, to which they supply a wide range of machining components. (From a press release on June 24, 2019)

-Inteva Products announced that it has completed the sale of its Roof Systems product line to CIE Automotive. The sale closed late yesterday after several months of preparation and ongoing communications with affected employees, customers and suppliers. In September 2018, CIE Automotive announced the acquisition of Inteva Roof Systems. The transaction, upon its closing and execution, shall entail an investment by CIE Automotive of USD 755 million. With more than 4,400 employees, Inteva Roof Systems operates sixteen manufacturing facilities and 6 R&D centers in 7 different countries. (From a press release on May 7, 2019)

-Mahindra CIE announced that its Board of Directors approved the acquisition of 100% of the issued and outstanding share capital of Aurangabad Electricals Limited. The acquisition is proposed to be completed on or prior to April 10, 2019. The acquisition will ensure MCIE's entry into automotive aluminum die casting and increases MCIE's revenues & profits in India as well as strengthens MCIE's presence in two-wheeler segment. Founded in 1985, AEL is a market-leading aluminum die casting based in Aurangabad, India with five manufacturing facilities in India across Aurangabad, Pune and Pantnagar. It manufactures a variety of body, brake & engine parts through high pressure die casting as well as gravity die casting processes. (From a press release on March 12, 2019)
  

Awards

-The Company received the following awards in 2019:

R&D Structure

-As of December 31, 2019, the Company has 10 research and development centers worldwide in the following countries:

• USA
• Mexico
• Brazil
• Slovakia
• Spain
• France
• Germany
• Portugal
• China
• India

Investment Outside Spain

<India>
-Mahindra CIE informed that its composites Pimpri plant shifted to new plant in Kanhe. The construction of new plant at Stampings Kanhe being completed, it will start production in first quarter of CY 2019. It has added new customer KIA for its foundry division. It also starts producing gears for Hino Motors. It has started producing component for Linamar in Lithuania. Its subsidiary Bill Forge started production for electric vehicle component for KIA Motors. (From Mahindra CIE investor presentation on February 20, 2019)

-Mahindra CIE, subsidiary of CIE group, informed that its Stampings Division, Kanhe is in the process of setting up a greenfield plant for a new best-in-class fully automated tandem press line, robotic welding & assembly cells and a well equipped metrology laboratory with the latest engineering & quality assurance processes. This is being done in conjunction with CIE's domain experts and is expected to be a technology demonstrator of the capabilities that MCIE can bring to the industry. (From Mahindra CIE annual report FY 2018)