Continental Romania said it was spending EUR27m to expand its office building in Iasi.

The new building will have eight floors and a total built-up area of over 21,000 square metres, Continental said in a press release cited by  About 400 new parking spaces will be created.

The works will be completed by March 2020.

The building was designed for a capacity of up to 1,700 workspaces, as well as a testing and validation area for the products developed within the company.

"The Continental Research and Development Center in Iasi has grown from 30 people in 2006 to over 1,900 employees at the end of 2018. This development has come as a result of the growing number of projects in which our colleagues are involved. The investment demonstrates the importance the company gives to the engineering centre in Iasi," Continental Iasi manager Marian Petrescu said.

Between 1999 and 2018, Continental spent about EUR1.6bn in Romania where all five divisions are represented. Continental owns seven production units and four engineering centers in Timisoara, Sibiu, Carei, Nadab, Brasov and Iasi. It is also a partner in two joint ventures in Iasi and Slatina and has a tyre distribution center in Bucharest.

In April, Continental said it was spending EUR1.9m on a fully automated storage system at its electronic components plant in Timisoara.

Also in April, Continental said it had spent EUR357,000 on an X-ray industrial scanner at its ContiTech facility in Timisoara.