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12-07-2007
CONTINENTAL
AG said it will spend 48 million euros (US$65
million) to build an automotive engineering
center in Shanghai,China. part of efforts to
help its automotive system division to double
sales in Asia by 2010.
The
auto parts research and development center,
also home to its Asia headquarters, will open
in early 2009 with 450 engineers before expanding
to 600 by 2011, Europe's second-largest auto
parts maker revealed at a signing ceremony yesterday.
Through
new labs and testing facilities in Yangpu District
in northeast Shanghai as well as Jiading District,
its R&D capabilities will be boosted in
electronics products, powertrain, chassis and
hydraulic brake systems.
"By
2010, we want to double our sales in Asia,"
said Jay Kunkel, president of the Asia region
and board member at Continental Automotive Systems,
adding "CAS's growth in China will contribute
significantly to the realization of this goal."
International
auto parts makers are following car makers to
localize production to meet local demand in
the world's second-largest auto market, where
rising auto sales boost demand for car parts.
It
is the firm's fourth manufacturing plant on
the Chinese mainland since its entry in the
middle of 1990s.
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