R7,2m boost for auto firm
The National Empowerment Fund yesterday announced a capital injection of R7,2 million into Iglhaut-Allrad South Africa, a Pretoria-based empowerment company operating in the automotive industry.
The empowerment deal stipulates a split of 60-35 percent between a German shareholder Michael Iglhaut and Iglhaut-Allrad South Africa executive chairman Rudy Roberts, respectively. Five percent will be held in trust for black staff, said the company yesterday.
The company produces unique 4x4 conversion-technology which enables Mercedes Benz commercial vans to be converted into sprinter four-wheel drive vehicles.
Iglhaut-Allrad SA started its operations in the country in August 2006.
"These vehicles will be sold to Mercedes Benz customers including the military, provincial health departments, SAPS and private sector clients through dealerships throughout the country," said Roberts.
Currently the company produces 150 units per year but production was expected to increase as demand grew, said Bernard Noeth, the company's workshop manager.