Iochpe-Maxion, a global manufacturer of automotive wheels and structural components, through its subsidiary Maxion Wheels, announced that it was taking strategic measures to strengthen its light vehicle aluminium wheel business in South America. It had redeployed existing global production assets to Brazil and has acquired a 50.1 per cent stake in Polimetal, a major aluminium wheel manufacturer in Argentina, which has been successfully completed. Now, the question arises: when the firm was focusing on Brazil, why did it acquire an Argentina-based company?
The acquisition of Polimetal by Iochpe-Maxion has been completed by Marval, who acted as the legal counsel for the Group, aiding in structuring and implementing the agreement of the acquisition at 50.1 per cent stake.
Glance at Argentina’s alloy wheel market
As per Grand View Horizon data, Argentina’s alloy wheels market gained a revenue of USD 11.9 million in 2024 and by 2033, it is expected to grow to USD 16.7 million. The hike will be seen due to the steady CAGR rate of 3.9 per cent in the same time frame. In 2024, passenger vehicles were measured to be the highest in the market, becoming the top revenue-generating segment for the region. The passenger vehicle is further set to stay appealing and the fastest-growing type of vehicle throughout the forecast period.
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