EUR 10M FOR CLN LIEGE

[BIZ: Jemeppe, October 2]
The Italian CLN Group is a key player in pressing in the European automotive market and it’s planning to create a new entity for the production of automotive sub-assemblies via its Magnetto Automotive division. For Arcelor, which has a 35% stake in CLN, this is the first step for securing investments promised on the closure of the hot-rolled steel lines in Liège.

The new investment will be located at the Arcelor site in Jemeppe (Seraing), which is close to highways and waterways and offers a variety of suitable premises for the plant. Initially, the business activity will focus on parts assembly for end-of-line stocks of car models to free up constructor production lines for new models.

Part of the current Jemeppe site will continue with the annealing and sheet metal finishing work for Arcelor Produits Plats Wallonie. The other part will be renovated and the existing premises redeveloped for the new company.

The first phase of the operation will begin in October of this year. The first welding blocks are expected to be built in the first half of 2007 and business should start in the second half of 2007 creating about 50 jobs.

The Magnetto Automotive division of the CLN group employs some 5,000 people in Europe and South America and has a turnover of just over EUR 1bn.

(Source: L’Echo)
http://www.lecho.be/