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MarketScreener Homepage  >  Equities  >  Buenos Aires Stock Exchange  >  Mirgor Sociedad Anónima, Comercial, Industrial, Financiera, Inmobiliaria y Agropecuaria    MIRG   ARP6823S1295

MIRGOR SOCIEDAD ANÓNIMA, COMERCIAL, INDUSTRIAL, FINANCIERA, INMOBILIARIA Y AGROPECUARIA

(MIRG)
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MIRGOR : REPORTS BUSINESS DEVELOPMENT NEWS IN ITS CONTROLLED COMPANY, INDUSTRIA AUSTRAL DE TECNOLOGIA, IATEC”

08/28/2015 | 10:50am EST
www.mirgor.com.ar


Mirgor announced today that during the second semester of this year they will be launching the important investments made during the last 12 months.


Buenos Aires, August 11, 2015 - MIRGOR S.A.C.I.F.I.A., ("Mirgor or "the Company")
Mirgor announced today that during the second semester of this year they will be launching the important investments made during the last 12 months. These investments of over 248 million Argentine Pesos (more than 25 million dollars) are intended to support business development and enlarge the production capacity of several of the Mirgor Group plants.

Alejandro Berardi, General Director of Mirgor Group, said: "Although we have undergone a very hard semester, we have never hesitated to go ahead with the plans we made last year. These investments were essential to carry out an ambitious diversification of our businesses. Now we are almost ready. Therefore, we are sure that we will be able to revert this difficult semester of 2015.
We are sure that, from now on, we will be able to show significant improvements in our sales and results, and that we will be able to fulfill the expansion goals set for the next years."

With regard to the expansion of Mirgor Group in the automotive industry, the project to manufacture information and entertainment devices to supply Toyota Argentina -to start with- was finally developed. During July, the tests requested by the client were approved, which has been a significant event. The new plant is located in the main building of the Group, in 1111 Einstein, Río Grande.

The total investment in the auto parts factory was 40 million Argentine Pesos approximately. This investment covers the cost of building the production room and setting lines and manufacturing equipment in motion, with strict pollution and static electricity controls, as part of the main facilities and systems.

Investments of over 18 million Argentine Pesos were also made to install and adjust the electronic parts insertion lines, in order to ensure plant water tightness. This includes humidity and temperature controls, according to the strict specifications provided by the client and the licensor.

The plant has an installed capacity of over 120,000 units per year. Mass production will start in September, and will reach a stable rate during the last quarter of 2016. The plant has been assembled with the assistance and supervision of Pioneer Brazil and Pioneer Japan.

Shipments of components to manufacture Samsung TV sets have also started. As anticipated in an announcement last week, IATEC is in the process of negotiating contract terms.

To be able to comply with the conditions of the agreement, the company will invest over 40 million Argentine Pesos to set production lines in motion, in order to ensure the necessary manufacturing and control equipment to meet the production plan objectives set by this client for the second semester of this year.

At the same time, the production of LG TV sets has been reactivated, following a plan to renew its product range. Production fell significantly in the first semester vis à vis the same period last year. This was due to the lack of shipments of raw material and parts. However, a recovery plan has been set for the rest of 2015.

As regards the manufacturing of Samsung cell phones, IATEC could achieve the quality levels projected last year when this activity was initiated. These successful results led to the need to enlarge the plant production capacity, for which an additional investment of about 60 million Argentine Pesos was approved. This investment accompanies the brand product launching strategy, led by the S6 and S6 Edge models. These models have been very successful in all the markets in which they were introduced.

To support this production growth, the company has announced two very important projects.

The first one consists in enlarging its electronic plant by including a new line for superficial insertion of electronic parts. This has required an investment of about 30 million Argentine Pesos, with modern Panasonic lines.

The company has also successfully developed a project to renew and install its IT platform by adopting SAP HANA, which runs in a private cloud. This is the first project in Latin America to apply a new version of SAP for the overall management and operation support of all business units. It will now be possible to help all the activities in every plant improve, by means of a complete and modern set of tools that will ensure quality, productivity, and, therefore, more profitability in business management. This project, which was planned and implemented in two years, required an investment of 35 million Argentine Pesos.

Developments achieved thanks to this new IT platform include the "Control del Piso de Planta SIM (Sistema Industrial Mirgor)", a system that enables the control in real time of progress made in line production, which will immediately lead to productivity profits.

Finally, Berardi said: "we have an intense second semester ahead. We are prepared and highly motivated to face it."


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Sales 2020 58 439 M 676 M 676 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 28 497 M 329 M 330 M
Capi. / Sales 2020 0,49x
Capi. / Sales 2021 0,34x
Nbr of Employees -
Free-Float 25,4%
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Mean consensus SELL
Number of Analysts 1
Average target price 1 360,00 ARS
Last Close Price 160,40 ARS
Spread / Highest target 748%
Spread / Average Target 748%
Spread / Lowest Target 748%
Managers and Directors
NameTitle
Roberto Gustavo Vazquez Chairman
Martín Jorge Basaldúa Director & Investor Relations Officer
Iñaki Miguel Arrezeygor Director
José Luis Alonso Vice Chairman
Enrique Spraggon Hernández Director