April 24, 2015 / 1:06 PM / 5 years ago

ThyssenKrupp to invest $866 million in North America

Heinrich Hiesinger, CEO of Germany-based technology holding company ThyssenKrupp AG, addresses the company's annual shareholders meeting in the western German city of Bochum, January 30, 2015. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - German industrial group ThyssenKrupp (TKAG.DE) plans to invest more than 800 million euros ($866 million) in North America by 2020 to take advantage of the economy’s reindustrialization.

“We are profiting from economic growth and the renaissance of manufacturing in the USA. That’s particularly true of our components business, which is why we have started this investment drive,” Chief Executive Heinrich Hiesinger said.

Hiesinger was speaking on the occasion of the opening of a new steering-components plant in Mexico, where most of the world’s major carmakers have production sites, mainly for export to the United States.

ThyssenKrupp increased its sales in North and Central America by 8 percent to 9.04 billion euros in its 2013/14 fiscal year, most of which were in materials distribution, elevator technology and automotive components.

Reporting by Georgina Prodhan

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