ContiTech A.G., one of five divisions of Continental A.G., grew nearly 4 percent during the past fiscal year, generating $4.1 billion in sales, according to the company's financial report.
The technology company made the announcement recently during a news conference at company headquarters.
Earnings before interest and taxes improved from 2011, from $544 million to $577 million.
Heinz-Gerhard Wente, head of the ContiTech division and chairman of the Executive Board of ContiTech, credited his company's strategy on concentrating on growth in Asia, Brazil and Eastern Europe for increase.
He said the company has invested $197 million last year, a record high. It is $52 million more than the company invested in 2011, he said.
Asia accounts for 16 percent of ContiTech's overall sales, an increase of 3 percent, while the U.S. comprises 17 percent of sales, an increase of 4 percent, buoyed by the company's 2012 acquisition of a Parker Hannifin Corp. automotive air-conditioning business, based in Tennessee. Sales in Western Europe remain the strongest for ContiTech, making up 56 percent of the company's sales.
ContiTech has added 960 employees over the last year, increasing its work force to 28,210. The company recently opened a research and development center in China, and it is moving forward with construction of an air-conditioning and power steering plant in Kaluga, Russia. ContiTech also purchased a hose factory in Turkey and is setting up a service center in Dubai.
Source: rubbernews.com
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