Continental invests 10m euros in hoses

German Continental AG Group will invest 10 million euros in a hose factory in Timisoara. This is the first time the German group actually provides details on the investment. The factory will make air conditioning hoses for Volkswagen cars mainly and will be built by ContiTech Fluid, which is part of the group’s ContiTech division. The construction works began last week and the stock production is due to commence in the fall of 2004, with 130 jobs created at first and 400 employees eventually working at the facility. ContiTech is already operating in Romania, where it has invested 6 million euros in a drive belt factory in Timisoara. The productive capacity of the factory in 2002 was 1 million belts a year, but will double this year. The final capacity expansion stage will be concluded in 2005, when the factory should come to make 4 million belts a year. ZF