German autoparts maker Continental is set to invest EUR40m at its tire manufacturing plant in Korbach, Hesse, Germany by 2018.
This new investment will be used for the production of 19- to 22-inch tires for passenger trucks and light trucks.
The company will also use the amount for the development of the process technology required to manufacture tires.
Continental tire division executive board member Nikolai Setzer said that with this investment, they are taking deliberate action to scale up their investment program in the further development of product-specific expertise in tire design, tire tread, tire contours, and tire compounds, as well as in the expansion of our global tire production capacity.
"Increasing our investment in new, highly efficient tire testing technology such as the AIBA, for example, will help us to further improve our technological position," Setzer added.
This new investment is expected to create 60 new jobs in Korbach by 2018.
Continental plant manager Lothar Salokat said: "We will do our best to meet the challenges of starting production in 2016 and ramping up the production volume to around 400,000 U-UHP tires by 2018," added Plant Manager Lothar Salokat."
