Continental will spend EUR12m to expand its electronic car parts factory in Timisoara by over 7,000 sq m, a local media report said. The work will be completed by the end of this year.
The additional space will be used for offices, storage, and social areas, Francisco Xavier Pujol, the plant's director told romania-insider.com. At the end of this year, the factory will cover over 21,000 sq m.
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The company also wants to employ over 1,000 new people in Romania in the research and development and production segments.
Continental has seven production units and four R&D centres in Romania, which are located in Timisoara, Sibiu, Carei, Nadab, Brasov, and Iasi. The group spent EUR1.1bn in Romania between 1999 and 2015.
Continental said earlier this month it had boosted first quarter 2016 sales by 3% year-on-year to EUR9.85bn. Net income rose 12% to EUR734m and earnings per share to EUR3.67 from EUR3.28.
Operating profit (EBIT) increased 6.4% to over EUR1bn with a margin of 10.6% compared with 10.2% in 2015. Adjusted EBIT climbed 8.4% to EUR1.1bn. At 11.3%, the adjusted EBIT margin was 0.7% higher.
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