Continental AG (CON.XE) said Monday that it plans to build a manufacturing plant in Kaunas, Lithuania, to meet growing demand for automotive electronics in Europe.
The German auto-parts supplier said it plans to invest 95 million euros ($110.3 million) in the new production site, which is expected to create about 1,000 new jobs.
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Production is expected to begin in the middle of 2018, Continental said.
"Building the first Continental plant in Lithuania is an important part of our growth strategy in Europe. With this, we are continuing to expand our electronics production and European presence," Hans-Juergen Braun, head of the company's central electronic plants business, said.
Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard
(END) Dow Jones Newswires
October 30, 2017 05:40 ET (09:40 GMT)