Italy-based conglomerate EuroGroup inaugurated the first phase of its third production plant in the central Mexican state of Querétaro to produce auto parts for the automotive industry. The investment totaled 50 million euros ($55 million) and will generate 500 jobs, the State Government reported in a statement.
The new plant is projected to generate around 500 new jobs to manufacture forged and die-cut metal products, said the state governor, Mauricio Kuri, according to the press release.
EuroTranciatura is a company dedicated to metal lamination and die-cutting of parts for the automotive industry, household appliances, electrical equipment, among others in the industrial sector.
According to the statement, the new plant is on a 9,000 square meter plot of land and will have a production capacity of more than 250,000 tons per year.
The Italian company has seven production plants in Italy and five abroad: Mexico, the United States, China and Tunisia.
The local government also reported that in 2023, Querétaro attracted 52 investment projects with around $2.0 billion, which generated around 15,300 new jobs. Of that total, more than a quarter was investment related to the automotive industry. There were 14 projects with an investment of more than $1.0 billion and the generation of 5,675 highly specialized jobs in the entity.
Data from the National Chamber of the Iron and Steel Industry (Canacero) show that Mexico imported 154,000 metric tons (mt) of finished steel products from Italy in the first 11 months of the year, 51.9 percent or 52,000 mt more than January-November 2022.