South African financial services group Mettle has acquired 100% of Formex Industries (Pty) Limited, a provider of pressed components to the automotive industry, for 24 million rand.
Based in Port Elizabeth, Formex’s major clients utilise the components supplied by Formex to produce catalytic converters for export to Europe and the USA, where these systems are compulsory. Mettle Equity executive Andre van der Veen said that Formex was one of only a few companies able to press stainless steel.
