China's Minglida to Spend USD100 Million Building New Precision Parts Plant in Mexico

2024-08-02 10:16:30

(Yicai) Dec. 19 -- Minglida Precision Technology, a Chinese manufacturer of precision structural parts and die-casting products, plans to invest up to USD100 million to build a new plant in Mexico.

Located in the Marabis Industrial Park in Irapuato, in the Mexican state of Guanajuato, the new plant will produce and process aluminum profiles, aluminum die-casting items, and plastic structural parts to satisfy the demand of photovoltaic and energy storage clients and new energy vehicle manufacturers, the Shenzhen-based company announced late yesterday.

The new plant aims to provide local clients with localized manufacturing services and steady supply chain-related guarantees and help the company expand overseas and cut its comprehensive manufacturing costs, Minglida Precision noted, without releasing any further details about the project.

Minglida Precision mainly offers one-stop metal and plastic precision structural parts. Revenue from clients in the PV sector and NEV makers accounted for nearly 55 percent and 25 percent of the total last year, according to the company’s 2022 annual report. Overseas sales contributed to 45 percent of the total in the period.

Shares of Minglida Precision [SHE: 301268] were trading unchanged at CNY27.93 (USD3.91) as of 11.00 a.m. in Shenzhen today.