Intro: SOFASA, established on July 2, 1969 with Renault and IFI as principal shareholders (49% each), opened an assembly plant for Renault vehicles in Medellin in 1970. In 1990, Toyota and Mitsui, a Japanese general trading company, acquired a stake in SOFASA, which then became SOFASA S.A. in 1994.
SOFASA S.A. covers both industrial and commercial operations thanks to its plant in Medellin ’ with a production capacity of 44,000 vehicles per year and a workforce of 850 employees ’ and a solid network of 31 dealerships.
In December, 2002 Valores Bavaria, which holds a 51.3% stake in SOFASA S.A. alongside Renault (23.7%), Toyota (17.5%) and Mitsui (7.5%), has indicated its intention to pull out of the car industry to refocus on its core-business activities. Renault, Toyota and Mitsui have agreed to negotiate the final terms of the purchase of the equity held by Valores Bavaria in SOFASA S.A. to become the sole shareholders of SOFASA S.A., with equity stakes of 60%, 28% and 12%, respectively.
SOFASA S.A. has produced almost 500,000 Renault and Toyota vehicles in Colombia since it was founded.
In 2006 34,788 cars were assembled at the plant, but this number will grow as production of the Logan is being ramped up. |
