India, Nov. 10 -- Iochpe-Maxion said its wheels division, Maxion Wheels, will expand its light vehicle aluminium wheel business in South America, including moving existing production assets to Brazil and acquiring a majority stake in Argentina's Polimetal.

The company said it has purchased a 50.1% shareholding in Polimetal, a long-standing supplier of aluminium wheels to automotive manufacturers in Argentina. The transaction will be submitted to the local competition authority for approval.

"Passenger car sales continue to rise across South America, with our wheels business, especially light vehicle aluminum wheels, continuing to gain share in Mercosur," said Pieter Klinkers, President and CEO of Iochpe-Maxion.

"To address this growing...