Thailand BOI Approves Continental AG Unit's Additional USD400 Million Investment to Boost Radial Tires Output for Export [Yahoo! Finance]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
Company Research
Source: Yahoo! Finance
promotion application by Continental AG group's Continental Tyres ( Thailand ) Co., Ltd. to spend a total of 13.4 billion baht (ca. USD400 million ) to expand its tire plant in Rayong Province and boost annual production by an additional 3 million high-performance radial tires, mostly for export, reaffirming Thailand's status as the World's second largest tire production base. The additional investment, including the construction of a new factory building, the extension of the existing plant, located in the WHA Industrial Estate Eastern Seaboard 4, and the installation of new machinery imported from Germany , will boost output at the site to 7.8 million tires per year, and increase employment by 600 to a total staff of 1,500. The facility is using locally produced natural rubber and other raw materials to make tires for motorcycle, light trucks, and passenger cars, including electric vehicles. "Continental's move demonstrates Thailand's potential as a world-class production base
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