Prime Minister David Cameron opened a new $100 million JCB factory in Brazil today as the company, based in Staffordshire, strengthened its position in the Latin-American markets.
Mr Cameron, who is undertaking a trade mission to Brazil, spent an hour touring the plant which has 200 employees, he said this was an example of how British industries can capitalise on growth outside of the UK:
– Prime Minister, David Cameron
"JCB's expansion in Brazil shows how British companies can capitalise on the opportunities for growth in Brazil, creating new opportunities in JCB factories in Derbyshire and Wales. "This is a great example of Britain’s engineering prowess and reflects that the UK is a world leader in innovation and technology.”
The $100 million factory, represents on of the single biggest investments in JCB's 67 year history.
Chairman Sir Anthony Bamford signalled why this is great news for the UK economy:
– JCB Chairman, Sir Anthony Bamford
“JCB’s decision to invest is a big vote of confidence in the Brazilian economy and was driven by the excellent long-term growth opportunities both here and in Latin America. Our investment will also have a positive impact on the UK economy because at full capacity, the Brazilian plant will import £100 million of components annually from the UK including engines and transmissions.”