Continental Temic Electronics Phils. Inc., the local unit of German firm Continental Corp., is spending an additional 50 million euros (about P2.9 billion) to install in its Philippine facilities new technologies that would help the company serve the requirements of the global automotive sector.
Detlev von Ramm, general manager of Continental Temic, said the company would be installing radar and camera technologies, and a new crash impact protection systems.
Continental Temic’s additional investment also involves the hiring of 150 more highly skilled engineers, Ramm said.
According to Ramm, the expansion of the company’s product lines in the Philippines will help the company meet rising demand in the world market.
Revenues are also expected to double within a five-year period. Company revenues are growing by 10-15 percent yearly.
Continental Temic Electronics currently has two facilities in the Philippines—one in Taguig, which employs 850 employees, and the other in Calamba City, which has 873 employees. The Hanover-based parent firm, which has about 170,000 employees in 46 countries, is among the top five automotive suppliers worldwide.
It supplies brake systems, systems and components for power trains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers.
Global revenue as of end-2012 reached 32.7 billion euros, which may increase to 34 billion euros this year, he said.