Industrias CH, S.A.B de C.V. decides to invest through Grupo Simec S.A.B de C.V. (SIMEC)
MEXICO CITY, March 24, 2014 /PRNewswire/ -- Industrias CH, S.A.B de C.V. (ICH) informs investors that at its most recent Board of Directors meeting, a decision was reached to invest through Grupo Simec S.A.B de C.V. (NYSE: SIM) (SIMEC), in a 600,000 annual ton capacity facility of special bar quality steel (SBQ) in the northern part of Mexico.
The new SBQ facility will require an investment of approximately $ 700 million, which will be financed with its own resources.
Additionally, the board approved the installation of a new spiral-welded steel pipe facility, which will allow the company to manufacture pipe up to 100 inches in diameter with a wall thickness of 1 inch.
Both projects have been approved by the board of ICH and SIMEC in response to the growing demand for its products by the automotive and petrochemical industry.
Contact:
Mario Moreno Cortez
+52-33-3770-6734
[email protected]
SOURCE Grupo Simec, S.A.B. de C.V.
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