Italy's Sogefi opens two car-parts plants in China

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MILAN (Reuters) -- Italy's Sogefi said today that it had opened two new plants in Shanghai, China, to produce suspension components and engine systems for car producers including Fiat Group, Daimler and Ford Motor Co.

The supplier, part of holding group CIR, said it was targeting China revenues of $100 million by 2017, up from an expected $30 million for 2013.

Sogefi posted third-quarter net profit in October that rose 24 percent to 7.6 million euros ($10.39 million), boosted largely by its business outside Europe. The company said then it would focus on its international business to offset continued low levels of production in Europe.

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