GLOBAL automotive supplier, Continental AG is investing in a new extension building to expand their R&D capabilities in Singapore, with a total capital investment of S$29.7 million (EUR17.5 million). According to Continental, the extension aims to meet the demand of growing engineering requirements in view of worldwide business expansion and the growth in Asia.
In Asia, the company operates 17 R&D centres. 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 centres. “We want to grow stronger in Asia and can report that Continental generated sales of some EUR6 billion 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,” said Lo Kien Foh, Managing Director of Continental Automotive Singapore Pte. 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.
The project is expected to be completed over a year. The new extension building will accommodate around 450 employees and provide a total floor space of 5,000 square metres.
The number of Continental’s employees in Singapore has grown from about 650 in July 2012 to more than 780 to date. Great progress has been evident with the significant increase in workforce just over a span of one year. “With this aggressive extension plan, we commit to use local knowledge, in collaboration with our international teams, to serve customers globally and aim to offer innovative, intelligent and sustainable solutions. We will continue to grow in manpower and technical competence to more than 1300 employees within the next few years” said Lo.