Tyre giant ready for production
(China Daily)Updated: 2006-11-22 09:01
The Hanover-based company achieved a growth rate of 20 per cent last year in China through its automotive system and non-tyre rubber business ContiTech. "We are confident we can continue this figure, excluding the added 200 million euros (US$256 million) investment," Wennemer said.
Among the world's top three tyre manufacturers, Japan's Bridgestone established its first China foothold in 1999, France's Michelin in 1989 and the US's Goodyear in 1994.
Since 2002, Continental has invested 25 million euros (US$32 million) in China, establishing 13 facilities in nine provinces and regions.
Through the acquisition of Motorola's global auto electronics business last year, Continental raised its investments in China from 3.5 million euros (US$4.49 million) in 2004 to 16.9 million euros (US$21.66 million).
According to Wennemer, due to these acquisitions, from 2000 to 2005, Continental has "no money to invest in China. However, due to the profitable turnover, now we attach importance to China."
(China Daily 11/22/2006 page10)
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