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ContiTech plans investments to expand production - paper

Germany’s Continental AG is planning to carry out investments to expand the output at its Hungarian unit ContiTech Fluid Automotive as the company’s order stock has been increasing steadily, the business daily Vilaggazdasag said on Monday.

The Hungarian company, which makes tubes for automotive cooling and heating equipment, employs 1,500 workers at the Mako unit (SE Hungary) and 700 workers in Vac (near the capital).

The company’s managing director told the paper that the plants, which had to introduce a four-day working week at the start of 2009, now are operating in three shifts, and the company has been steadily exceeding its earlier output and revenue records in the past two years.

The company has spent EUR 3m on investments in 2009 and EUR 7.9m last year in Hungary, and plans to invest EUR 3.3m this year. The paper said the parent company is considering a EUR 5m investment in Nyiregyhaza (E Hungary).