Automotive wheel and structural components manufacturer Iochpe-Maxion has joined the United Nations (UN) Global Compact, the world’s largest voluntary platform for the development, implementation, and disclosure of responsible sustainability business practices.
Wheel and automotive component manufacturer Iochpe-Maxion is investing R$100 million (£16.7 million) to expand its operations in Cruzeiro, Brazil. Work to increase truck wheel capacity in Cruzeiro will be finished in the first quarter of 2023 and boost annual output capability by 400,000 wheels, and when expansion of the plant’s agricultural wheel production capacity is completed in the third quarter of the same year, the Cruzeiro site will be equipped to produce a further 110,000 of these products annually.
Wheel manufacturer Iochpe-Maxion is investing US$5.5 million in Autotech Ventures LLC, a US-based venture capital firm. With this investment, Maxion joins Autotech Fund III as a Limited Partner. The investment aims to foster the development of new start-ups and research in the automotive segment with a focus on connectivity, autonomous vehicles, shared vehicles, electrification, and digitalisation.