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Ohio-based auto parts maker The Timken Co. recently announced the start of its new factory in Mexico.
Along with the new Timken plant, Mexico-based Envases Group plans to open a $35 million aluminum can production and distribution facility in central Texas.
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The two projects will create around 220 jobs in manufacturing, logistics and transportation.
The Timken Co.'s (NYSE:TKR) new manufacturing facility is in the central Mexican city of San Jose Iturbide. The factory makes tapered roller bearings for the transportation and industrial machinery industries.
"Our new facility builds on our manufacturing strategy to serve customers where they need us across the world," Timken Executive Vice President Christopher Coughlin said in a release. "It will help us advance our global bearing leadership by providing a high level of value and service for our customers in the region and globally."
Timken did not disclose how much the new factory cost but said it expects to have 100 employees at the facility by the end of March.
The Timken Co., founded in 1899, is based in North Canton, Ohio. The San Jose Iturbide facility is the company's first manufacturing plant in Latin America.
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Timken employs more than 18,000 people globally. The company has plants and offices in 42 countries, including North America, Europe, Asia and Africa.
Envases Group, a packing producer based in Cuautitlán Izcalli, Mexico, recently chose Waco for a 450,000-square-foot facility that will open by the end of 2021, creating 120 jobs.
"The Waco operation will focus on aluminum beverage containers commonly used for soft drinks, beers, energy drinks, teas and non-carbonated beverages," the company said in a statement. "It represents a sizable, first phase investment that allows the company to bring in its first production line to service the U.S. market."
Envases Group was founded in 2006 and has 66 factories and seven distribution centers around the world.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.