Formex recently featured on the noon news bulletin of Algoa FM, the Eastern Cape’s most popular radio station. The news feature highlighted Formex’s contribution to educational bursaries, as well as its investment of R70-million into its automotive parts manufacturing plant in Markman, Port Elizabeth.
Formex Industries chief executive officer (CEO) Hennie Venter says that the company hopes to uplift education and provide opportunities for promising young students in the Eastern Cape. Formex invests in bursaries for over 40 students at the Nelson Mandela Metropolitan University (NMMU), covering their tuition fees.
Venter states that the bursary investment is growing every year – from R640 000 in 2016 to R825 000 in 2019. Over the past four years, Formex, in collaboration with the HCI Foundation has invested over R3-million in students in the Nelson Mandela Bay area.
The radio feature also notes that Formex is involved in a school library project that will build and launch a number of new libraries at educational centres across the city. Investing in education is a great way to look after the future of the country and certainly to the local community that Formex is proudly associated with and supports. Listen to the full sound clip that was broadcast on Algoa FM:
Formex Industries is a metal forming and assembly company that supplies a variety of complex products to the local automotive industry and export market. The company is based in the Nelson Mandela Bay metropole, South Africa’s foremost region for automotive manufacturing and export.
Formex specialises in producing components for the catalytic converter industry, as well as metal components and assemblies for the various vehicles. Formex aims to become one of the foremost suppliers for the South African automotive industry by 2035, aligning itself with the South African Automotive Masterplan (SAAM) which takes effect in 2020.
Formex is a Level 2 B-BBEE supplier with over 80% black ownership, of which more than 40% are black women. The company is owned by Deneb Investments Limited – a subsidiary of Hosken Consolidated Investments Limited (HCI) – one of South Africa’s biggest true B-BBEE companies listed on the Johannesburg Stock Exchange (JSE).