Spain-based manufacturing firm P4Q USA has invested $2.5 million to expand its local production capabilities.
According to a prepared release, the company is expanding to meet increasing demands from the automotive and solar industries, as well as others.
P4Q specializes in electronic systems for automotive and solar products. The firm opened its North America headquarters in Albuquerque in 2012, according to previous Business First reporting. P4Q’s Albuquerque location is at 5901 Office Blvd. NE.
The company also made our list of fastest-growing companies for three straight years, from 2013 to 2016. P4Q USA experienced revenue growth of 495 percent between 2013 and 2015, according to our reporting.
The company says total investment in the Albuquerque facility will rise to $2.5 million by 2019, and will include the addition of a second production line.
The updated space will be about 22,000 square feet, according to P4Q USA. Officials also said the automotive and solar industries are the main driving force behind P4Q’s growth and need for expansion.
But the firm is not only expanding in Albuquerque.
“The Basque-based company has also invested in a manufacturing site at Kunshan City in China,” the company said.
The firm’s Kunshan facility is open, officials said, adding that the new site will aid in the production for both the automotive and solar industries in Asia and that it cost about $2 million.
P4Q employs a total of 56 in New Mexico, around 90 in Spain and five in China, officials said.
