Italy’s Bonfiglioli Riduttori has announced today the start of its new manufacturing facilities of electric motors in Vietnam.

An official Opening Ceremony has been held at the presence of the Italian Ambassador H.E. Andrea Perugini, Mr. Vu Duc Thanh, Vice-Chairman of Binh Duong’s People’s Committee, other relevant Authorities from Binh Duong Province and Ben Cat District, representatives of Becamex IDC, contractors, and suppliers. Bonfiglioli Vietnam Ltd received the Investment Certificate a mere short time ago, on January 3^rd, 2008 from the Binh Duong Industrial Zones Authorities, as two-member limited liability company, with a total Investment Capital of US$ 16,000,000 and a Charter Capital of US$ 10 million.

Bonfiglioli Riduttori’s partner in this investment is SIMEST, an Italian Government-owned Company specialized in supporting Italian enterprises’ international expansion. Bonfiglioli Vietnam has leased from developer Becamex a 93,844 sqm lot of land, and construction works started on March 6^th, 2008 at Lot C 9D CN My Phuoc Industrial Park 3, Ben Cat District, Binh Duong Province.

The state-of-art factory, equipped with modern techniques and nearly fully mechanised, has an aerea of 18,000 sqm, with annexed 1,600 sqm office and 1,000 service building.

Pre-operation activities and production trials have been going positively over the last few weeks, and Bonfiglioli Vietnam is now ready for the full production roll-out.

Being only a first step of a larger and more complete investment on the land lot, the factory is employing some 80 workers on one-shift basis, together with 20 people working at the office. “We are particularly satisfied of having carried out the construction and pre-operating activities timely and efficiently, as for the original plan” – said Luigi Galimberti, General Director of the Company – “We are confident we can face the challenge of matching the international standard requirements.

At the beginning, we will be focusing on producing electric motors for export to the Countries where Bonfiglioli Riduttori is already operating, and soon we will tackle the domestic market.”

Bonfiglioli Riduttori’s CEO Sonia Bonfiglioli added: “Despite it takes off amid mixed sentiments caused by the uncertainty deriving from the global financial and industrial crisis, this initiative is regarded by our Group as a strategic and fundamental one. We are thankful to the Vietnamese Authorities for the support given to our project, and look forward to a further development of our investment”.