Maxion Wheels to Open New Passenger Car Aluminum Wheel Plant in Pune, India

Business Wire India

Maxion Wheels, the world's largest wheel manufacturer, announced today the formation of a new legal entity, Maxion Wheels Aluminum India Private Limited, as a key step in its plan to develop and produce up to four million light vehicle aluminum wheels annually in India. The Company has secured property in Pune, India and will initially build a 25,000 square meters manufacturing plant with annual capacity of two million wheels beginning production expected for the third quarter of 2019. Additional land was also purchased for a plant expansion that will increase annual capacity to four million wheels in the coming years.

"Maxion Wheels is committed to serving its customers' growing demand for light vehicle aluminum wheels, especially in India where market growth is outpacing available capacity," said Pieter Klinkers, Chief Executive Officer, Maxion Wheels. "We've been in India for more than 20 years, providing original equipment manufacturers with light and commercial vehicle steel wheels. We're pleased to satisfy our global customers' growing request that we bring our recognized global aluminum wheel expertise to India, and we are excited about the opportunity our new plant will afford us to strengthen our global footprint and strategically expand our presence in the region."

The new wholly-owned operation, expected to initially bring more than 500 new jobs to the region, will produce low pressure die cast aluminum wheels with a high-end wheel finish.

A groundbreaking (Bhoomi Pooja) ceremony for customers, employees, and local dignitaries is scheduled for February 19, 2018.

ABOUT MAXION WHEELS

Maxion Wheels, a division of IOCHPE-MAXION S.A., is a leading wheel manufacturer for passenger cars, light trucks, buses, commercial trucks and trailers. The Company also produces wheels for agriculture and military vehicles, as well as other off-highway applications. With more than 100 years of wheel-making experience and 10,000 employees globally, Maxion is the world's largest wheel manufacturer, producing 56 million wheels per year. The Company serves its global OEM customers from 28 locations in 15 countries on five continents, and has state-of-the-art technical centers in the Americas, Europe and Asia. To learn more, please visit Maxion Wheels' website at www.maxionwheels.com.

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