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Formex CEO Hennie Venter said the investment forms part of the company’s strategy to further align with the South African Automotive Masterplan (SAAM) 2035. The money will be used to purchase new equipment such as metal presses and signals the intent of Formex to retain its position as an industry leader.
“What we are seeing at the moment, especially with regard to how the national government is driving expansion within the automotive industry, is that there is certainly an increase in demand within South Africa,” says Venter. “The new presses will allow us to satisfy this wider range of demand,” he adds.
The company plans to invest a further R7-million during this coming financial year. These new jobs are made possible by providing quality products to Formex’s loyal customer base. “We are looking at getting 80 new permanent employees within the next month and this all relates to work that will be there for at least seven years,” states Venter.
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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).