Image: seated: Left: Julio Cesar Ramires (Managing Director of WEG Motors Commercial and Appliance Unit); Right: Mr. Malik Rebrab (Cevital CEO) Standing: From left to right: Azzedine Bouredoucene (Operations Manager WEG Algeria); Christian Beaugrand (WEG France Managing Director), Farid Derraz (Cevital Director), Houdheyfa Ounis (Cevital R&D Director)
WEG announces to its shareholders and the general market that has just signed binding documents with Cevital Group, a conglomerate of companies based in Algeria, for the creation of a Joint Venture (JV) that will operate in the production and sale of electric motors for washing machines, with an initial focus on the Algerian and North African market.
Founded in 1971 in Algeria, Cevital Group operates through its subsidiaries in different segments such as agriculture, retail, services and industry, including the production and distribution of home appliances, serving several regions such as Europe, the Middle East, North Africa, and Asia-Pacific.
The new company is named WEG Algeria Motors SpA and will have a 51% share by WEG Group and 49% by Cevital Group. The manufacturing operations will be located in the city of Setif, initially producing motors used in washing machines produced by Cevital Group and other customers in the region. WEG investments will be mainly concentrated on technology and expertise of electric motor manufacturing for home appliances in Algeria. Production is scheduled to start in the fourth quarter of 2022.
"With this partnership, we will be expanding our global market share of electric motors for the home appliance segment, taking advantage of our technology and geographic diversification to capture new commercial opportunities," says Julio Cesar Ramires, Managing Director of WEG Motors - Commercial and Appliance Business Unit.