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Continental Announces Expansion Plans For India
Continental India will be increasing the production of the Modipuram plant beyond half a million bias truck and bus tyres (TBX) already this year. Continental India announced further investments of more than 50 million Euros to start production of radial tyres for passenger cars and commercial vehicles in the second half of 2013.
Nikolai Setzer, Executive Board Member Continental AG and Head of the Tyre Division, said today during a press meet in Delhi: “In India, there is a rising demand for vehicles with high quality tyres as well as premium technology. Thus, we are convinced that radialisation will be the driving force in the Indian truck tyre market, and therefore our further investments of more than 50 million Euros in radial truck tyre production will prepare a solid base in order to meet that demand."
Already in the near future, Continental plans to manufacture radial tyres from the Modipuram plant and will generate a competitive leap via being able to offer both radial and bias tyres out of local production. This move will also create further job opportunities as Continental India Ltd plans to increase its headcount by more than a third from the current 1,600 employees up to 2,200 to 2,400 within the next few years.
Commenting on the occasion, Andreas Penkert, designated CEO of Continental India Ltd, said, “This is a milestone for our corporation in India. Continental increased its sales in Asia at corporate level by almost 50 percent to over four billion Euros last year. Globally, Continental is Europe's market leader for passenger car tyres. In the Original Equipment sector, over 30 percent of all new European cars leave the factory on Continental tyres. For commercial vehicle tyres, Continental is one of the world"s largest manufacturers of premium truck, bus and industrial tyres. With this legacy and a long-term vision for the industry, we start this first direct initiative of the Tyre Division here in India with full strength and dedication to make it a success – for our customers, for Continental and our employees, and for the region."
In July 2011, Continental had formally completed the acquisition of Modi Tyres Company Limited which included the existing TBX plant in Modipuram, the tube plant located in Partapur and all related operational assets to those plants including all customer relationships. Alok Modi, member of the founding family of Modi Tyres Company Limited, will be on the Board of Directors of Continental India Ltd.
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