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Algerian-Spanish new partnership for heavy equipment manufacturing

 ALGIERS - The statutes establishing a new Algerian-Spanish joint venture specializing in the manufacturing of heavy equipment used in the construction and public works industry were signed Sunday in Algiers at the Ministry of Industrial Development and Investment Promotion.

The joint venture between Epe SOFARE, a subsidiary of the Algerian group ENMTP (Constantine) under the GSP Equipag, and the Spanish firm Europactor, will produce 110 vehicles in the first year before reaching 460 vehicles in the 4th year, sources said during the signing ceremony.

The statutes were signed by the two partners, in the presence of Minister for Industrial Development and Investment Promotion Amara Benyounes and the Spanish ambassador in Algiers, Gabriel Busquets.

Five types of roller compactors, 3 to 20 tons, more than one type of roller compactors double ball of 12 tons will be produced by the company which will be located in the industrial zone of Ain Smara in Constantine, according the same source.

The investment in about DZD 400 million in the first phase to reach DZD 500 million in the second phase, according to the same source which added that the production value will be DZD 3 billion dinars per year.

The new company Europactor-Algeria SPA is incorporated with an initial share capital of one million euro, held 60% by SOFARE and 40% Europactor.

The Memorandum of Understanding establishing the company was signed in January on the occasion of the visit to Algeria of Spanish Prime Minister Mariano Rajoy, while the shareholder agreement was signed in April.

"The integration rate will increase from 21% in the first year to more than 50% in the 4th year with the vehicle engines of the new range of water-cooled engines from the engines manufacturing company of Oued Hamimine in Constantine," the press release said.

 

(APS) Sunday 15 September 2013

 

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