TMAT to set up in Brazil ahead of World Cup and Olympics
TMAT, a manufacturer of acoustic components for tractors and excavators, is to open a factory in Brazil to capitalise on the opportunities presented by the upcoming World Cup and Olympics.
With Brazil due to host both the 2014 football World Cup and the 2016 Olympics, the Brazilian government plans to invest £306bn in new roads, ports, airports and power plants, with the participation of foreign investors.
The Brazilian government is keen for products to be sourced locally, rather than shipped in from abroad, creating the opportunity for a foreign investor like TMAT to open a factory in the country.
Tractors and excavation equipment will play a key role in this extensive infrastructure and construction activity, providing an exciting opportunity for the firm, according to managing director Jason Lippitt.
He said: “We will be retaining all engineering design and intellectual property at our Chesterfield site, and the Brazil opportunity could well create more UK jobs as our work in Brazil generates more demand upon specialist engineering resources.”
He added: “The existing customers and other OEMs (original equipment manufacturers) we’ve spoken to about our plans have been very excited indeed, in light not only of the opportunities in Brazil but also of the red tape they have encountered when trying to do business there.
“We’ve had a very positive initial meeting with DTI (Department of Trade and Industry). The next stage will be for me to head out to Brazil in March for exploratory meetings. All being well, we should be able to move ahead at the end of the first quarter.”
TMAT, whose clients include JCB and Volvo, has an annual turnover of more than £10m and plans to drive turnover to £20m by 2015. The company is based in Chesterfield.
