Investment of over 240 million dirhams for 1,320 direct jobs.
Casablanca, July 6, 2017 - Palm Indus, the industrial holding of the Palmeraie Industries & Services group, announced the signing of a joint venture contract with the equipment manufacturer Jobelsa - a Spanish group established for more than 50 years and a leader in the field of automotive interior coating and seat assembly. The agreement was signed today by Moulay Hafid Elalamy, Minister of Industry, Trade, Investment and the Digital Economy, Saad Berrada SOUNNI, President of Palmeraie Industries and Services, and José Beltran, President of the Jobelsa Group.
Initially, the agreement will mobilize an investment of 240 million dirhams. The first phase of collaboration will be deployed within a 15,000 m² factory located in the industrial complex of Palm Indus in Dar Bouazza and will create 1,320 direct jobs.
"This development is part of the implementation of the automotive sector strategy put in place by the Ministry of Industry, Investment, Trade and the Digital Economy, through the Industrial Acceleration Plan 2014 - 2020. Palm Indus is indeed a national operator which, in its mastery of the requirements of the automotive sector developed by its subsidiary Dolidol, confirms, through this new partnership, its strategy and its willingness to continue its development in order to fully benefit from its growth potential in Morocco," explains Jalil Skali, General Manager of Palm Indus, the industrial pole of the Palmeraie Industries & Services group.
Jobelsa Automotive, the new subsidiary resulting from this joint venture, aims, in a first step, to meet the strong demand from European automakers for the production of "made in Morocco" seat covers. Contracts already signed with European automakers and growth prospects should enable export revenue of 100 million euros to be achieved by 2020. This new entity will thus be able to provide significant added value to European manufacturers, thanks in particular to its competitiveness and a design and research & development center equipped with state-of-the-art facilities, but also thanks to its potential for local integration, within the Palm Indus industrial complex in Dar Bouazza.
In a second step, and in a upstream-to-downstream approach of automotive foam activities, Palm Indus aims to manufacture complete seats, headrests, vehicle interior coverings and dashboards in partnership with local automakers and equipment manufacturers.
The Palmeraie Industries & Services group - which is now one of the largest Moroccan groups, and which actively operates in strategic sectors for the development of Morocco, namely industry, agriculture, education, and mining & quarries - is pursuing its development in the automotive sector through its industrial holding Palm Indus (Dolidol Morocco, Dolidol Côte d'Ivoire, lematelas.com, Bois & Co, etc.) in accordance with its strategic commitment unveiled during the presentation of its 2020 vision in May 2016. This Cap 2020 vision is based, let us recall, on four strategic axes: innovation, development of human capital, sustained investment policy and internationalization with an investment program of 3 billion dirhams and more than 3,000 additional jobs.
This new stage in the automotive industrial strategy of the Palmeraie Industries & Services group will thus consolidate the developments initiated by its subsidiary Dolidol which enabled it to become the exclusive manufacturer of apron and acoustic felts destined for the Renault plant in Tangier, and supplier of polyurethane foam products for the automotive sector.
About Palm Indus
Palm Indus carries out the industrial and distribution activities of the Group. This pole notably owns the famous Dolidol brand, a national leader operating for more than 45 years in the polyurethane foam, mattress, felt, and polyester fiber sector. Palm Indus is also a major player in the industrial joinery sector through its Bois & Co brand (doors, kitchens, furniture...) which offers real estate professionals a comprehensive turnkey offer. The Palm Indus group also includes the brand Lematelas.com, the leading online bedding retailer in Morocco and a distribution network present in several major cities in the Kingdom.
In a perspective of growth relays, Palm Indus has oriented its strategy around two axes: the development of new outlets for its existing activities and internationalization through the export of its know-how.
About Jobelsa
Jobelsa is a Spanish equipment manufacturer that has just celebrated its 50th anniversary. It specializes in automotive interiors, particularly the manufacture of covers, interior trim, and seat assembly in collaboration with manufacturers. It has manufacturing plants with a total area of 65,000 m2 and employs more than 2,000 people in Slovakia, Morocco, and Spain, where there is also a development center. Currently, Jobelsa supplies products mainly to Volkswagen-Audi-Seat-Skoda, General Motors, Nissan, Daimler, Volvo, Jaguar, and the Ford group.
About the Palmeraie Industries & Services group
A major player in the industry for over 45 years with its brand Dolidol, the Palmeraie Industries & Services group now holds a recognized position in the Moroccan economic landscape. The group aims to strengthen this position by investing in high value-added sectors and future-oriented areas such as agriculture, education, mining, and quarries, while also expanding internationally, notably in Africa. This ambition is guided by its values of quality, innovation, and commitment, supported by its "Cap 2020" development plan and its 3,000 employees. These ambitions and strengths are dedicated to the socio-economic development of the Kingdom and its influence on the African continent.
Key indicators for the Palmeraie Industries & Services group:
- Revenue: 1.5 billion MAD
- Investment by 2020: 3 billion MAD
- Number of employees by the end of 2016: 3,000
- Number of employees by 2020: 6,000
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