ME Elecmetal expands its presence in the Latin American market
- Following the acquisition of 80% of Funvesa, a Peruvian company with over 60 years of history.
- The global company ME Elecmetal has industrial operations in Chile, the United States, China, and Zambia and sells its products and solutions in more than 40 countries.
Peru, Lima, January 4, 2024. With the formal signing of the acquisition, today the sale of a controlling stake in Fundición Ventanilla S.A., known in the Peruvian market as Funvesa, was confirmed. The company, founded with Peruvian capital in 1963, has maintained a successful track record for more than 60 years under the leadership of the Jiras family. Now, it begins a new chapter in its development by joining the ME Elecmetal group, through which it will start a phase with greater exposure to the global mining market under the new name ME Elecmetal Funvesa.
Thus, an industrial expansion of the Chilean company ME Elecmetal in the Peruvian market is realized, where it has already been operating commercially for more than 10 years. The purchase includes the transfer of 80% of the shares, and the Jiras family will retain 20% ownership.
This strategic partnership between ME Elecmetal and the Jiras family will be led by the new general manager, José Pablo Domínguez, who has extensive experience in various ME Elecmetal operations and will have the strategic advice of Miroslav Jiras, current vice president of the company with 10 years of experience leading Funvesa.
José Pablo Domínguez, general manager of ME Elecmetal Funvesa, stated that “we aim for operations to continue functioning as they have in recent years. Our main objective with this acquisition is to keep growing in the Latin American market and strengthen our presence and commitment to Peruvian mining.”
Meanwhile, Eugenio Arteaga, general manager of ME Elecmetal, said that making an industrial investment in Peru is a long-awaited aspiration within our strategy to competitively serve global mining, which previously led us to make investments in the USA, China, and Zambia.
We are betting strongly on Peru, on its industrial sector, and on its mining. We believe Peru will continue growing and leading the production of key metals for the future. This acquisition is a very relevant step due to the great importance of Chile and Peru in mining, especially copper, with 35% of the world’s production combined. In this sense, this investment complements our successful commercial presence of more than a decade serving mining clients in Peru.
Funvesa currently has about 300 employees. Following this acquisition, a growth plan is projected that mainly aims to meet the requirements of the mining industry in Latin America, with the manufacture of special parts for mining, crushing, and grinding.
ME Elecmetal, a global company
Founded in 1917, ME Elecmetal is a leading mining industry company offering comprehensive solutions for mineral processing worldwide. With annual sales of approximately US$ 1 billion and operations in Chile, the United States, Zambia, and China, it is currently among the top global suppliers of steel liners and grinding balls.
