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Group 1 Automotive Partners with TMG and Haartz for Innovative Surface Materials Production

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Cashu
2 days ago
Cashu TLDR
  • TMG Automotive and Haartz Corporation launch TMG & Haartz Solutions to produce high-quality automotive surface materials in North Carolina.
  • The new facility will enhance local sourcing capabilities and strengthen TMG's supply chain in the North American market.
  • Co-CEO Jose-Antonio Texeira emphasizes the initiative's role in supporting sustainable growth and improving local economies.
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GPI
Group 1 Automotive
0.30%

### TMG & Haartz Solutions: A New Era for Automotive Surface Materials

TMG Automotive and Haartz Corporation announce a strategic joint venture, TMG & Haartz Solutions, marking a significant advancement in the production of automotive surface materials. This new venture is accompanied by plans to establish a state-of-the-art production facility in Bostic, North Carolina, within a refurbished Golden Valley Milliken site. The facility, spanning nearly 300,000 square feet, will focus on manufacturing high-quality synthetic leather used in various automotive applications, including seat covers, dashboards, door pillars, and shift boot covers. With a combined experience exceeding 150 years, TMG and Haartz aim to enhance local sourcing capabilities for the North American automotive market, thereby strengthening their global supply chain and innovation efforts.

Jose-Antonio Texeira, Co-CEO of TMG Automotive, emphasizes the importance of this initiative as a natural extension of their longstanding partnership with Haartz, which is grounded in mutual trust and shared values. The decision to locate the facility in North Carolina stems from a thorough assessment of the region's favorable conditions for sustainable growth and operational efficiency. This strategic choice not only positions the joint venture to meet the increasing demand for automotive surface materials across the Americas but also reflects a commitment to bolster the local economy and communities.

John Millea, President of Haartz Corporation, expresses enthusiasm for the collaboration, highlighting both companies' dedication to innovation and sustainable practices. This joint venture represents a pivotal step toward achieving industrial excellence and superior customer satisfaction within the automotive sector. By focusing on localized production, TMG and Haartz position themselves to address complex challenges while expanding their product offerings, ultimately benefiting their businesses, employees, and the communities in which they operate.

In related news, Autel, a prominent developer of automotive diagnostic tools, unveils the Autel Awarding Excellence Scholarships as part of its philanthropic initiative, Autel Cares. This program aims to support students pursuing automotive repair education, offering five scholarships worth $5,000 each to high school graduates from the class of 2025. This initiative underscores Autel's commitment to nurturing the next generation of automotive professionals through scholarships and educational support.

Additionally, Sonic Automotive announces its acquisition of four California dealerships, making it the largest Jaguar Land Rover retail ownership group in the United States by volume. This strategic move not only expands Sonic’s footprint in the luxury market but also reinforces its commitment to delivering premium customer experiences. With these developments, the automotive landscape continues to evolve, highlighting the importance of innovation and strategic partnerships in driving industry growth.

The content provided here is for informational purposes only and should not be considered financial or investment advice. Investing in stocks carries risks, including potential loss of principal. Always do your own research and consult with a licensed financial advisor before making any investment decisions. We are not responsible for any losses or damages resulting from your use of this information.

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