(Jun. 18) – After a fierce global competition, the Italian Geico won two new contracts to support its role as a technology leader in the automotive paint industry. The first one covers the Renault plant in Curitiba, Brazil, and has a value of 21 million dollars. The second was assigned by General Motors to expand the site in Rayong, Thailand, and is worth 20 million dollars. With these two contracts of 41 million dollars total, the Company expects to bring the turnover from 63 million euros in 2011 (+53% and EBITDA of 4.4 million) to 80 million euros in 2012, reaching a +27% (EBITDA 2012: 4.5 million), and a compound annual growth of about 40% since 2009 (compound annual growth in EBITDA compared to 2009: 70%). “The Brazilian work will be difficult and challenging since we operate in an existing and working plant, that is why we have short time for its completion,” says Ali Reza Arabnia, President of Geico. “In 1997 Geico won the first contract for the realization of the greenfield plant in Curitiba and in 1999 Geico doubled the production capacity. Today Geico has been reconfirmed by Renault for another increase in the production capacity in order to face the higher and higher demand of the Brazilian automotive market.” (Red)
