BERLIN Nov 28 Continental will spend
1 billion euros ($1.29 billion) through 2015 to expand its tyre
business in emerging markets and the United States to narrow the
gap to rivals, Handelsblatt reported on Wednesday, citing the
head of the tyre division.
Continental is building new tyre plants and upgrading its
facilities as part of a long-term expansion plan for major
emerging economies (BRIC) and the United States to catch up with
competitors Bridgestone, Michelin and
Goodyear by 2025, the newspaper cited executive board
member Nikolai Setzer as saying.
Hanover-based Continental, where tyre operations accounted
for about a third of nine-month group sales of 24.6 billion
euros, has a goal of increasing overall sales more than 7
percent in 2012 to over 32.5 billion euros.
Continental, which also produces auto parts, said in October
it will scale back some production as Europe's debt crisis saps
demand for diesel engines for smaller vehicles.