Carmarthenshire-based Mitsui Components Europe Ltd, which makes door-locking mechanisms for car manufacturers such as Honda, Toyota and Renault, reports that its turnover rose to £33.9 million last year (up from £29.2 million in 2015), while its pre-tax profits increased to £3.1 million (up from £2.1 million previously).
In a report accompanying the results, the directors said the growth in profits was partly due to fluctuations in foreign-exchange rates, but the company also benefitted from “an increased focus on cost reduction” at its Ammanford plant.
The new business won for this year includes work with Honda on tailgate latches and side-door super-locks, plus work for Renault on control plates, locks and back-door latches.
The directors added: “The company operates throughout Europe and is actively developing new sales channels for both passenger and commercial vehicles. The main risks affecting the business in 2017 remain similar to the ones in 2016.”
Mitsui Components Europe was established in 1999 and is the European division of Japan’s Mitsui Kinzoku ACT Corporation. It is based at the Capel Hendre Industrial Estate near Ammanford, employing more than 100 people, and it has a branch in France.