Crain News Service report
HANOVER, Germany (July 3, 2014) — ContiTech A.G. is producing hose lines for automobile air conditioning and power steering systems at its new factory in Kaluga, Russia.
The company invested about $23.2 million to build the plant, located about 125 miles southwest of Moscow. Approximately 90 new jobs were created at the facility, according to the company, with that figure expected to grow to about 160 by 2015.
“Kaluga is part of our strategy to continue positioning ContiTech internationally and be close to our customers,” said Heinz-Gerhard Wente, a member of parent Continental A.G.’s executive board and head of ContiTech.
He noted that “the Russian automotive market is one of the fastest growing markets in the world. Its importance for Europe continues to grow. We want to help shape the future and participate in the growth.”
ContiTech is making hose lines for Lada, Renault and Nissan vehicles. The number should total around 1 million hose lines in 2013, the company said, and in the medium term that number is expected to double.
This report appeared on the website of Rubber & Plastics News, an Akron-based sister publication of Tire Business.
Are you paying attention to the ups-and-downs of the stock market?
|Yes, I invest in the market||
|Yes, but I mostly keep an eye on just my company's stock||
|No, it makes me nauseous||
|I’m glad I don't invest in the market; I would have lost my shirt||
|Total votes: 99|