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Brazil Receives Factories That Operated in Argentina That Left the Country Due to the Current President Alberto Fernández’s Industrial Policy
The migration of 3 multinational giants’ factories installed in Argentina to Brazil is not good news for the struggling economy of the neighboring country. At the end of last year, Bolsonaro announced that two multinationals would transfer their operations to Brazil. The companies mentioned by the president are the giants Honda and L’Oréal.
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Although Argentina is not experiencing a crisis as severe as the one it faced between the 1990s and 2010, the exit of companies that have operated in the country for years is still a blow to employment.
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The 3 multinationals are from the automotive sector, and the claim is that the initiative is due to a lack of economic conditions.
Last week, the operations of Basf and Axalta, which are in the paint and resin sector for automobiles, were transferred, and now it was the turn of the French company Saint-Gobain Sekurit, specialized in manufacturing windshields, which will be incorporated into the Brazilian subsidiary.
The initiative of Saint-Gobain comes after it was established in 2016, with investments of 200 million dollars, in an agreement with the president at the time, Mauricio Macri. The multinational announced the dismissal of 150 employees.
The Company’s Statement
In a statement, the company declared that the exit from the automotive glass manufacturing (OEM) segment is for the sustainability of the company and that it will continue operations in Argentina, maintaining assets in the country in anticipation of a market recovery.
The company’s statement also says that: “The company remains active in the country, serving the replacement market. Additionally, some of the volumes produced for the OEM market in Argentina have been transferred to Brazil temporarily.
Sekurit guarantees the continuity of operations in Argentina, maintaining the activities of the unit located in Tortuguitas, as well as its commitment to the local market.”
