JVM Castings will join Evtec's global network, which has been acquiring strategic Tier 1 automotive suppliers transitioning to electrification since 2021.
25 Jan 2024 | 4155 Views | By Autocar Professional Bureau
Evtec, a leading UK-based, single-source Tier 1 supplier of assembled products working with manufacturers around the world to support the automotive industry’s shift to electrification, had announced the completion of its acquisition of JVM Castings Limited (JVM).
Evtec, which is focused on the acquisition of automotive suppliers that are ...
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Evtec, a leading UK-based, single-source Tier 1 supplier of assembled products working with manufacturers around the world to support the automotive industry’s shift to electrification, had announced the completion of its acquisition of JVM Castings Limited (JVM).
Evtec, which is focused on the acquisition of automotive suppliers that are strategic to vehicle makers’ future models with competency and capability in parts and complex assemblies for all Hybrid/EV vehicles, has four manufacturing facilities in the UK employing over 600 people with combined revenues in excess of over £160 million.
Evtec states that it is committed to building an interconnected robust network of suppliers in the UK automotive industry to promote innovation in future mobility. The acquisition of JVM not only strengthens the UK automotive supply chain's role in advancing the electrification of the automotive landscape but also contributes to the global initiative to reduce carbon emissions and achieve net zero.
Established in 1929, JVM has played a pivotal role in the industry, operating from its expansive facility in Worcester and employing over 200 skilled personnel. For the last 60 years, JVM has been a key supplier of body castings and powertrain assemblies for the UK’s largest automotive manufacturer, Jaguar Land Rover.
Commenting on the acquisition, chairman of Evtec David Roberts said: “As OEMs execute on their transition from internal combustion vehicles to zero emissions, they require a supply chain to work seamlessly with them, to sequence production and deliver world-class vehicles. Evtec is consolidating several key suppliers that are strategic to OEMs, especially in super lightweight materials for body and powerpack parts and assemblies. Evtec has a growing order book of over £800m to deliver over the next 8 years, and the acquisition of JVM will ensure that we have the necessary capacity to meet peak demand whilst winning additional new business”.
Rob Murcott, chairman JVM said: “Having been in the family ownership for over 98 years, JVM is now entering an exciting new chapter in its development, and we wish it every success in fulfilling the needs of an automotive sector that is going through a major transition in new vehicles and technology.”
JVM will join Evtec's global network, which has been acquiring strategic tier-one automotive suppliers transitioning to electrification since 2021.
Representational images: JVM Castings, JLR