Germany's Continental announces $210 million Mexico expansion By Reuters

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Germany's Continental announces $210 million Mexico expansion

Published Oct 27, 2022 02:50PM ET Updated Oct 27, 2022 02:55PM ET

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Germany's Continental announces $210 million Mexico expansion

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MEXICO CITY (Reuters) - German auto parts maker Continental AG (OTC:CTTAY) said on Thursday it will invest around 210 million euros ($209.48 million) in the Mexican state of Guanajuato, with plans to open a new factory and expand capacity at an existing plant.

With the investment, Continental expects to generate more than 1,500 new jobs over the next three years, it said in a statement.

The company added that both the current plant's expansion and the construction of a new automotive electronics factory are 75% complete, with the projects expected to be "inaugurated and operational at the beginning of next year."

Continental's current Las Colinas plant in Silao, Guanajuato, is located in the heart of central Mexico and is focused on car brake components.

Continental Mexico President Marco Galluzzi cited Guanajuato's "competitive" geographic position and highway connectivity as reasons for the expansion, which aims to "continue growing" the company's capacity in the region, he said.

($1 = 1.0025 euros)

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