A Vereeniging-based cable manufacturing company aims to create jobs for locals through the expansion of its cable manufacturing facility starting from October 2023 to 2025.
M-TEC is one of the companies that made investment pledges at the fifth South African Investment Conference that was hosted by President Cyril Ramaphosa in Johannesburg in April this year.
Pledges made at the conference contributed in bringing the total value of investment pledges over a five-year investment mobilisation period to R1.51 trillion, thereby exceeding the initial target of R1.2 trillion set by President Ramaphosa.
M-TEC made the R70 million investment pledge and says there is an estimate of 15 new jobs that will be created by the project from 2023 to end of 2024.
According to the Senior Sales Manager at M-TEC, Mr George Lephoto, the investment is critical as it will present economic development, economic growth and much needed job opportunities.
“The investment will reinforce and increase our productivity levels as well as our cable manufacturing capacity. This means more jobs will be created, capacity increased for the company, as well as profitability increased. This will undoubtedly boost our economy,” echoed Lephoto.
M-TEC manufactures cross-linked polyethylene cables. They are producers of medium voltage, low voltage and aerial bundle cables which are widely supplied to the local municipality, electrical distributors, construction industries and mines in South Africa and internationally.
The company is ranked as one of South Africa’s largest manufacturers and suppliers of aluminium overhead conductors, copper products, low and medium voltage power cables and various optical fibre cables.