Continental shells out S$29.7m in research and development expansion in Singapore
It operates in 17 R&D centres in Asia.
According to a release, Continental, an international automotive supplier, will invest in a new extension building to expand their R&D capabilities in Singapore.
With a total capital investment of S$29.7 million (€17.5 million), the extension aims to meet the demand of growing engineering requirements in view of the worldwide business expansion and the Continental is currently one of the best positioned automotive suppliers and industry partners. In Asia, the company operates 17 R&D centers.
Already in operation as a Continental subsidiary since 2007, Continental Automotive Singapore Pte Ltd is one of the company’s three largest Asian R&D centers.
“We want to grow stronger in Asia and can report that Continental has generated sales of some 6 billion Euros in Asia in 2012. It is our strategic goal to increase the share of corporate sales on the Asian market from 18% at present to more than 30% over time.
The extension of our R&D center in Singapore strongly supports Continental’s growth strategy in Asia,” highlighted Lo Kien Foh, Managing Director of Continental Automotive Singapore Ptd. Ltd.
“We are pleased that Continental continues to expand its R&D capabilities in Singapore to drive innovation in in-car information management systems.
Continental’s expansion is testament to our talented science and engineering workforce paired with strong intellectual property protection laws, making Singapore an ideal hub for the design and development of automotive electronics,” added Lim Kok Kiang, Executive Director, Transport Engineering of the Singapore Economic Development Board.
