DGAP-News: Continental AG: Continental Plans to Invest more than $500 Million to Build a New Tire Plant in the USA
(firmenpresse) - DGAP-News: Continental AG / Key word(s): Miscellaneous
Continental AG: Continental Plans to Invest more than $500 Million to
Build a New Tire Plant in the USA
07.10.2011 / 09:43
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- Approximately 1,700 new jobs will be created in South Carolina
- Increased demand for Continental tires in the United States and the
Americas
Hanover/Sumter, October 6 2011. The international automotive supplier and
tire producer Continental will build a new tire plant in Sumter, South
Carolina (USA) to meet growing demand from both the retail level and
automotive manufacturers. The first phase of production capacity at the
plant in this project is expected to be nearly five million passenger and
light truck tires when the plant reaches full production levels in 2017. A
second phase in this announced project is expected to bring the plant's
capacity to eight million units per year by 2021. Altogether, those initial
phases of the project involve an investment of more than
$500 million and the creation of more than 1,600 jobs.
'This important announcement is part of Continental's growth strategy
worldwide and in this case especially for the Americas' market,' said
Nikolai Setzer, member of Continental's Executive Board and head of
Continental's tire division. 'Increasing demand for Continental and General
brand passenger and light truck tires in the USA, as well as the improved
business results for Continental Tire the Americas (CTA), has made this
significant investment possible. On behalf of Continental, I would like to
offer our sincere thanks to Governor Haley, the state of South Carolina,
the Port Authority, the city of Sumter and Sumter County.'
CTA's business growth is highlighted by an annual growth rate of 20 percent
in volume for the passenger and light truck tire business in the Americas
region in the past two years. 'Our customers, replacement market retailers
and automakers, have told us they need more Continental and General brand
tires', Dr. Jochen Etzel, CEO of Continental Tire the Americas, said.
'Today's announcement is our commitment to helping them grow their business
- as we grow ours. In 2011 alone, we have announced manufacturing
investments of nearly $1 billion which are dedicated to increasing our
production capacity in the Americas region.'
'Continental is a world-class company, and it is truly exciting that they
have chosen South Carolina for this new $500 million investment that will
create 1,700 new jobs. This announcement is a big win for our state,' said
South Carolina Governor Nikki Haley.
Continental expects to begin construction of the plant in mid-2012 and
complete the facility in 2013. In addition to the Greenfield announcement,
CTA also announced an investment of more than $4 million in its Lancaster
County, S.C.headquarters to help meet the needs of a growing workforce.
Today the headquarters is home to nearly 350 employees. Within the next
four years 80 new jobs will be created.
In March 2011, Continental Tire the Americas already announced a $220
million investment to expand production capacity at its tire plant located
in Camaçari, Bahia, Brazil. The investment will create 400 new jobs and
double capacity in the plant. In May, 2011, the company announced that it
was investing $224 million, and adding 444 new jobs, in its Mt. Vernon,
Ill. (USA) tire plant. Another element of the CTA growth strategy, this
investment will increase capacity by nearly four million tires at Mt.
Vernon.
With sales of EUR26 billion in 2010, Continental is among the leading
automotive suppliers worldwide.
As a supplier of brake systems, systems and components for powertrains and
chassis, instrumentation, infotainment solutions, vehicle electronics,
tires and technical elastomers, Continental contributes to enhanced driving
safety and global climate protection. Continental is also an expert partner
in networked automobile communication. Continental currently has
approximately 160,000 employees in 45 countries.
Media Contact:
Kathryn BlackwellMedia database: www.mediacenter.continental-corporation.com
Vice President Alexander Lührs
Head of Public
Communications and Marketing
NAFTA Relations
Passenger and Light Truck
Region
Continental Automotive
One Tires
Continental
Continental DriveAuburn Hills, Michigan AG
Buettnerstraße 25 I D-30165
48326Phone: 001 248-393-6593,
Fax: 001 Hanover
Ph.: +49 (0) 511 938
248-393- 2615
Fax: +49 (0) 511 938
5227Kathryn.Blackwell(at)continental- 2455
alexander.luehrs(at)conti.de
corporation.com
End of Corporate News
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07.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Continental AG
Vahrenwalder Straße 9
30165 Hannover
Germany
Phone: +49 (0)511 938-1068
Fax: +49 (0)511 938-1080
E-mail: ir(at)conti.de
Internet: www.conti.de
ISIN: DE0005439004
WKN: 543900
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hamburg,
Hannover, SIX, Stuttgart; Freiverkehr in Berlin,
Düsseldorf, München; Terminbörse EUREX; Luxembourg
End of News DGAP News-Service
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