Formex was recently highlighted in the local news. The Eastern Cape Industrial & Business newspaper published a story that highlights Formex’s growth and contributions to the local automotive industry.
“Armed with a R70-million investment war chest and strong empowerment credentials, Port Elizabeth-based automotive component manufacturer Formex Industries has signalled its intention to play a leading role in recently announced government plans to transform the industry into a globally competitive powerhouse,” reads the opening paragraph of the article.
“This investment signifies the intent and drive by Formex to retain its position as an industry leader,” says Formex chief executive officer, Hennie Venter. The investment signifies the faith that the company has in the local automotive sector and its positive future prospects.
The story also highlights Formex’s B-BBEE credentials and the added benefits that these have for suppliers and partners. “By sourcing components from us, [automotive manufacturers] get to score preferential procurement points and improve their ratings,” explains Venter.
“At Formex we’re ready to play our part in this worthy endeavour. Thanks to our dual focus on transformation and investment we’re perfectly positioned to realise the immense opportunities inherent in the automotive industry and to assist others to do so by achieving their full compliance and other benefits. This is a powerful message of vision and accountability, both for the Eastern Cape and for the country as a whole,” he concludes.
Read the full article below:
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).