Continental to build plant in Brazil
Continental AG will lay the cornerstone for a new passenger tire plant in Brazil today.
The plant, located in Bahia, will start producing tires in 2006.
Construction will require an initial investment of $260 million.
The factory will employ more than 1,000 people.
"By building the plant in Bahia, we are continuing our involvement in growth markets," say Continental officials.
"At the same time, we are being consistent with our strategy of further expanding production at low-cost locations."
After the passenger plant is finished, Continental plans to build a commercial truck tire plant in Brazil, with a targeted opening date in 2007.