In a major boost to Coahuila’s automotive sector, Paramount New Materials announces plans to invest US$200 million in the state. The investment is expected to create more than 1,200 job opportunities.
Governor Miguel Angel Riquelme officially confirmed the arrival of Paramount New Materials and expressed his enthusiasm for the positive impact this investment will have on the state. “We are delighted to welcome Paramount New Materials to Coahuila. This significant investment will not only generate employment but also contribute to the growth and development of our automotive industry,” says Riquelme.
The investment from Paramount New Materials marks the 51st project of its kind in Coahuila this year, highlighting the region´s attractiveness for domestic and international investors. The company will establish its operations in Parque Industrial Alianza, located in Derramadero.
Scheduled to begin operations in December 2024, Paramount New Materials will focus on processing aluminum products, including chassis, bumpers and other vital components for the automotive industry. This move aligns with Coahuila’s aim to promote sustainability, as the company has committed to incorporate aluminum recycling in its production processes.
Luis Gerardo Rodriguez, Director, Paramount New Materials, highlighted the company’s dedication to serving the Mexican market and the broader North and South American regions. “We are excited to contribute to the automotive industry, providing high-quality products that meet the demands of the market,” says Rodríguez.
Parque Industrial Alianza played a pivotal role in facilitating the establishment of Paramount New Materials in Coahuila. The group provided 78 hectares of land for the company. Cesar Cantú, President, Grupo Alianza, expressed his optimism regarding the company’s potential impact on the local economy. “We anticipate that Paramount New Materials will account for about 6% of the national production of extrusion profiles for the automotive industry within its first year of operation.”
Furthermore, Grupo Alianza confirmed that Paramount New Materials’ operations will prioritize local labor with 90% of its workforce to be sourced from Coahuila. This commitment ensures that the community will directly benefit from the employment opportunities generated by the company.
As the global automotive industry evolves, Coahuila’s strategic location and favorable business environment position it as an attractive destination for automotive manufacturers and suppliers. With Paramount New Materials commitment to sustainability, job creation and local empowerment, Coahuila is poised to witness continued growth and development in the automotive sector.