SINGAPORE—Continental A.G. said it will invest $23.2 million in a new research and development building in Singapore to meet the demand of growing business in Asia and worldwide.
The automotive supplier currently operates 17 R&D centers in Asia, of which the Singapore site is one of the company's three largest in the region.
"We want to grow stronger in Asia and can report that Continental generated sales of some $8 billion in Asia 2012," said Lo Kien Foh, managing director of Continental Automotive Singapore. "It is our strategic goal to increase the share of corporate sales on the Asian market from 18 percent at present to more than 30 percent over time."
Continental said it hopes to complete the project in a little more than a year. The new extension building will accommodate around 450 employees.