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ISTOBAL consolidates its growth in the US

By 19 enero, 2012Sin categoría
• The company exports 70% of its production to outside markets. In 2012, North America will account for about 10% of this. • The Valencian Company has created a new Accessories Unit to expand this line of business L’Alcúdia (19.01.2012) – ISTOBAL, the market leader in the vehicle wash sector in Spain and number two in Europe, closed a deal in December 2011 which saw it buy the assets of Magic Wand, a company based in Bristol, Virginia (USA). The aim of the purchase was to consolidate its expansion strategy in the United States. With this purchase, final assembly of wash units specifically designed for the American market will now be done locally, at Magic Wand’s Virginia plant, which has a factory space of 10,000m2 and 13 workers currently on the payroll. ISTOBAL’s expansion plans in the US started a couple of years ago with the creation of the American subsidiary ISTOBAL USA Corp., based in Florida. Once relocation of the logistics base and final assembly of units to Virginia is completed, the company forecasts a 4-year period of growth from 25 to 108 employees and an increase in turnover from $8 million to $27 million. These new local resources will mean assembly capacity will be significantly increased, machines and services will be much better adapted to the American customer, and the whole American sales network will benefit from a closer, quicker, and more effective response. Additionally, ISTOBAL takes on the Magic Wand product line. The company, founded in 1984, offers high pressure jet washes, touch free rollovers and automatic wash tunnels, all of which will be backed up by ISTOBAL’s “American” product, which includes the M’NEX22 rollover with a special width of 2.70m for American vehicles; bus and truck wash systems; and a US-specific range of enclosures and accessories. A new business line in Spain Since January 2012, the company based in L’Alcúdia (Valencia), has been setting up a new independent business line, which will start out with a new ISTOBAL Line of Accessories, and the remodelling and adaptation of the current range of accessories. It is estimated that by 2014, this line will account for 8% of the company’s turnover. Key to this unit will be its independence and capacity for overseeing all the stages of the product cycle, from design to final assembly. It will also adapt to the specific needs of the Line of Accessories, for which it will have its own structure covering the functions of Product, Design and Production Management. One of the main objectives of this new unit will be to seek agility in developing solutions to respond to the current needs of the market. Another will be to reduce prices by taking action to find improvements in engineering and production which will make the company more competitive in the accessories sector.