Volkswagen SA
Gqeberha-based Formex Industries is gearing up for new projects that are planned for Volkswagen South Africa (VWSA) and the expected localisation drive from other automotive OEMs.
This latest R102-million investment commitment was announced by Formex at last week's SA Investment Conference in Sandton, Johannesburg.
CEO Hennie Venter said they've secured a new contract with VWSA that will enable Formex to purchase outright and upgrade a new facility in Struandale.
He said they are excited about this latest investment and hope to continue playing a leading role in the Metro for job creation and economic growth.
Venter says this latest contract will enable Formex to manufacture more than 20 new automotive components that were previously made in Portugal.
Not only will this enhance localisation, but it will also cut out delivery delays and cost increases due to importing components for locally-made VW vehicles.
