BCBA: MIRG |
|Headquarters||Río Grande, Argentina|
Roberto Vázquez, President|
Jorge Caputo, Vice President
|Revenue||US$ 729 Million (2011)|
|US$ 17.6 Million (2011)|
Number of employees
Mirgor is an Argentine manufacturing firm. A maker of auto air conditioning units, the firm has diversified into the production of household appliances and cell phones, which are now its main source of revenue.
Mirgor was founded by Nicolás Caputo and Mauricio Macri in 1983. The Caputo family had established a construction firm in 1932, and in 1965 Caputo S.A. was listed on the Buenos Aires Stock Exchange. Mirgor was created to supply air conditioning units for the nation's growing auto industry. In October 1983, the firm opened its first manufacturing plant in Río Grande, Tierra del Fuego. Mauricio Macri, Francisco's scion and best friend of Nicolás Caputo (president of the Caputo group), was involved in the management of the company between 1983 and 1994, when he left in order to prepare his campaign for the presidency of Boca Juniors.
Francisco Macri had purchased SEVEL, a joint venture between the local subsidiaries of automakers Fiat and Peugeot, in 1982. Mirgor became SEVEL's supplier of auto air conditioners, beginning with the Peugeot 504 manufactured in Argentina at the time. The company extended its contract with SEVEL to begin supplying the firm's Fiat and Chevrolet plants in 1985. It began manufacturing radiators, under license from the Harrison Radiator Corporation (a division of General Motors), and in 1986 obtained a license to produce climate control systems from French auto parts maker Valeo to supply SEVEL's Renault 9 & 11 lines.
The economic recovery and resulting rise in auto sales during the early 1990s bolstered Mirgor's fortunes, and in 1994, the company was listed on the Buenos Aires and London Stock Exchanges; it also became available on the New York Stock Exchange on an ADR and ADS basis.
The company continued to grow, and in 1995 purchased Interclima, a maker of condenser coils. It signed supply contracts for Daimler-Benz's and Volkswagen's Argentine operations in 1996, and its first export contracts, for Fiat Brazil and Citroën Uruguay, were signed in 1997. A condenser factory was launched in La Tablada (near Buenos Aires) in 1998, and new supply chains were established for Chrysler the following year. Valeo owned a stake in Mirgor from 1996 to 2005.
Mirgor was diversified in subsequent years. It entered the household air conditioning sector in 2004 with the production of Interclima split units (popular in Buenos Aires apartment buildings) under license from Carrier Corporation. It signed similar contracts with LG and Whirlpool in 2008 and 2009, extending these to the manufacture of microwave ovens. This venture, IATEC, became the exclusive local manufacturer of Nokia cell phones, as well, in 2010. IATEC's Nokia assembly grew quickly, and in 2011 the company announced a US$86 million investment at its Tierra del Fuego plant to triple its capacity to 2.2 million units a year. Since 2014, IATEC also produces Samsung cell phones.
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