RIO DE JANEIRO, Brazil (Nov. 8, 2012)—ContiTech A.G. said it will spend about $21.7 million to build an oil and gas extraction hose plant in Brazil.
Construction of the factory should begin in spring 2013. ContiTech said production at the site is scheduled to begin a year later.
The plant is a key addition to ContiTech Fluid Technology's global production network, complementing the established Oil & Marine plants and engineering offices in the U.S., the United Kingdom, Hungary and Germany, the firm said.