SIMEST supports expansion of Tiberina Automotive Argentina

(AGI) Rome, Jan 4 - SIMEST [the company supporting the international development of Italian businesses] has announced it is currently supporting the international expansion of the Perugia-based Gruppo Tiberina, one of the major Italian automotive industry producers of systems and components. This comes just one month after the 2.5 million euro investment in the Brasilian subsidiary Tiberina Automotive MG, the company of Cassa Depositi e Prestiti, supporting the internationalisation of Italian businesses, acquired 17 percent of Tiberina Automotive Argentina for 3 million euros. The strategic goal of the latter investment, one of the major Italian ones in the region since the beginning of the crisis, is to enable Gruppo Tiberina to rank among the top players for 'body in white' production in Argentina. Among the actions envisioned are the expansion of the Cordoba plant and the enhancement of the production capacity of pressing and body-in-white processes. The Tiberina Group, which is a client of SACE, the company that allocated the funds supporting the 2014-2016 investment plans, achieved a consolidated turnover of 750 million euros in 2015. Gruppo Tiberina employs about 2400 people and ranks among the top players in the production of systems and components for body-in-white (both underbody and upperbody) for the automotive industry. It is operational in six countries and works through 24 different companies. The major clients of the Group, in order of volume, are FCA (established and current client accounting for 30 percent of global turnover), Daimler Mercedes, Sevel (jv FCA/PSA), VW, BMW, GM and CNH Industrial. (AGI). .