Degenhart targeting above-average growth in India for Conti

Continental AG chief Elmar Degenhart has said the company will target above-average profitable growth in BRIC countries, especially in China and other Asian countries, Tire Review reports. In a recent visit to India, Degenhart, executive board chairman, stated that BRIC countries are at the centre of focus for the company‘s growth strategy.

In a story on India Infoline, Continental is said to want “above-average profitable growth in Asia.” In 2010, Continental increased its sales in Asia so that it now makes up 14 per cent of sales.

“Continental had made significant investments in India in the last quarter by acquiring Modi Tyres and further committing to an investment of 50 million Euros to ramp up the tire business in the country,” the story said. “The company had announced that it will increase the production of the Modipuram plant beyond half a million bias truck and bus tires already this year. From there, bias truck tire production is planned to continuously grow to more than one million units in 2013.”

Continental also expanded its technical center in India in May, and plans expansion of its automotive facilities in Pune and Manesar by early 2012.