Continental AG, the German auto and truck parts manufacturing company has opened a new Research & Development Centers in Singapore.
The German giant said the company has invested about $36 million (21 million Euros).
Located along Boon Keng Road, the new center is a seven-storey office building with a total floor space of approximately 10, 170square meters. It employs 650 people, but Conti says the capacity of the facility can be expanded with the addition of an eighth floor, to accommodate a total of 1,000 employees.
“Our expansion plans in Singapore strongly support Continental’s growth strategy of deeper engagement with its Asian automotive customers. With our leading edge capabilities, know-how and solutions, we are one of the key players in making vehicles more intelligent, environmental friendly and safer in the future.” Helmut Matschi, Member of the Executive Board of Continental AG said.
Even with the actual situation in Europe, Continental AG expects sales and operating profit to grow in 2013.
Continental expects 2013 sales growth in the high single digit percentage range, adding that adjusted operating profit should increase at least to the same extent as sales.
The company reported strong 2011 sales of EUR30.5 billion, and a net profit of EUR1.24 billion due to firm demand for tires and car electronics.