Germany's Schaeffler boosts Asian presence
German auto parts group Schaeffler said Monday it plans to invest 300 million euros (390 million dollars) boosting its presence in Asia, including with two new factories in China and one in India.
"Asia remains one of the regions in the world with the highest increases in growth and sales for us in the long term," Schaeffler chief executive Juergen Geissinger said.
The company will increase capacity at its 11 existing locations in China, India, South Korea and Vietnam, and build two new factories for ball bearings and engine and transmission components in China and one in India.
© 2010 AFP