Continental AG Business Report FY ended Dec. 2013
|(in million EUR)|
|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||Rate of
|Chassis & Safety|
1) Net Sales
-The Company's net sales grew 1.8% in 2013 to EUR 33,331.0 million. The increase in sales was mainly due to growth outside of Europe as well as strong performances in the Company's Automotive division. The increased production of passenger cars and light commercial vehicles alongside increased market share gains helped to increase the Company's net sales.
2) Chassis & Safety
-The Company's Chassis & Safety division had net sales of EUR 7,269.2 million in 2013, an increase of 3.1% over the previous year. The Vehicle Dynamics, Hydraulic Brake Systems, Passive Safety & Sensorics, and Advanced Driver Assistance Systems all experienced increased sales in 2013.
-In 2013, sales in the Company's Powertrain division increased by 2.0% to EUR 6,260.3 million. The Engine Systems business unit recorded a decline in sales due to the economic struggles in the European market. However, the Transmission business unit recorded higher sales due to growth in NAFTA and Europe, while the Sensors & Actuators business unit experienced growth because of new start-ups for exhaust sensors in China.
-Sales in the Interior division grew by 2.7% to EUR 6,605.7 million in 2013. The Body & Security business unit had increased sales volumes due to increases from the North American and Asian markets. There were mixed results in the Infotainment & Connectivity business unit as sales of audio components and device connectivity components decreased from 2012, while sales of multimedia systems and telematics increased. The Commercial Vehicles & Aftermarket business unit had slightly higher sales due to new products. An increased demand of instrument clusters lead to stronger sales in the Instrumentation & Driver HMI business unit.
-In 2013, the Company's Tire division experienced a decline in sales of 0.8% to EUR 9,583.2 million. Despite growth from the Asia-Pacific region and the Americas, and a steady sales level from the EMEA region, negative consolidation and exchange rate effects caused a decline in sales.
-Sales in the ContiTech division grew 4.5% in 2013 to EUR 3,878.3 million. While the automotive replacement business and original equipment business generated increased sales in 2013, this was offset by a decline in the Compounding Technology business unit.
-In April 2014, the Company announced that it intends to purchase the outstanding shares in Emitec Gesellschaft fur Emissionstechnologie mbH from GKN plc for a cash consideration of GBP 46 million. Emitec, to date a 50-50 joint venture co-owned by the Company and GKN plc – will be integrated into its Powertrain Division. (From a press release on April 30, 2014)
-The Company acquired UK-based ASL Vision to enhance its activities in advanced driver assistance systems by including camera systems for 360-degree surround detection. ASL Vision offers a range of technological solutions for "surround view" systems from its headquarters in Lewes, England and its facility in Kronach, Germany, and has a total of 53 employees, primarily engineers, who specialize in the areas of software, algorithms, image processing and hardware. All of these employees will join the Company. At the same time, the research and development center in Ulm will become an additional site for 360-degree camera systems. (From a press release on January 11, 2013)
Schaeffler's sale of Company shares and termination of investment agreement
-Schaeffler AG announced that it completed the placement of 3.9% of the Company's shares. Proceeds amounted to approximately EUR 950 million. Following the placement, Schaeffler's participation in the Company amounts to 46.0%, whereby Schaeffler AG holds 34.2% and Schaeffler Holding holds 11.8% of the outstanding share capital. In May 2013, Schaeffler notified the Company of its intent to terminate the investment agreement in place since 2008. The investment agreement which governs the Company's cooperation with respect to Schaeffler's position as the largest single shareholder of the Company will end in May 2014. (From a press release on September 17, 2013)
Nisshinbo Holdings Inc.
-Nisshinbo Holdings Inc. announced that it will establish a joint venture with Continental Automotive Holding Co., Ltd., a subsidiary of the Company, in Yangzhou, Jiangsu Province, China. A new joint venture, temporarily called Nisshinbo-Continental Precision Machining (Yangzhou) Co., Ltd., will manufacture and sell valve blocks, a key component of electronic brake systems. It will be capitalized at CNY 200 million (JPY 3,200 million), of which 70.0% will be invested by Nisshinbo Holdings, and 30.0% will be provided by Continental Automotive Holding. The new company will be established in December 2013 and is expected to begin operations in January 2015. (From a press release on November 6, 2013)
SK Continental E-motion
-SK Continental E-motion, a joint venture established between the Company and SK Innovation of South Korea, started operations on January 2, 2013. The company, based in Berlin, Germany, will develop, produce and distribute lithium-ion battery systems for cars and light commercial vehicles. SK Innovation has a 51% stake while the Company owns 49%. The Company and SK Innovation plan to invest approximately EUR 270 million in SK Continental E-motion over the next five years. SK Continental E-motion has started working on initial development programs for the 48V mild hybrid segment and for commercial vehicle applications. (From a press release on January 21, 2013)
-SK Continental E-motion announced that it will establish an electric vehicle battery plant in Seosan, Chungcheongnam-do, Korea. The total investment in this project is expected to reach KRW 236.3 billion (EUR 161 million). Production operations are scheduled to start in 2015. Batteries produced at the new facility will be supplied to the Hyundai-Kia Group, General Motors Korea, and other companies. (From a press release on October 25, 2013)
Business Partnership-ASIMCO NVH announced the formation of a business partnership with the Company. The ASIMCO subsidiary passed a series of screening procedures which included an initial screening, factory inspections, quality testing for auto parts, quality reviews based on the VDA 6.0 standards, and materials testing. (From a press release on September 6, 2013)
-The Company and Fiat Group Automobiles have integrated navigation from TomTom into their Uconnect touchscreen infotainment system. This new feature was presented at the 2013 Geneva Motor Show. It includes many of the same technologies found in TomTom's portable navigation devices, including maps, IQ Routes, voice control and Advanced Lane Guidance. This system was a feature in the Fiat 500L starting in the second quarter of 2013. (From a press release on March 5, 2013)
Recent Development in Germany
-ContiTech, a division of the Company, announced that it produces 20,000 fuel lines per week for the next generation of heavy-duty truck engines from Karben, Germany. ContiTech's fuel line is pressure-resistant to 35 bar, withstands operating temperatures up to 130℃ and reduces emissions to meet Euro 6 and EPA13 standards. Half of the lines manufactured in Karben are supplied to plants in Germany, while the remainder are exported to the US. (From a press release on November 27, 2013)
-The Company announced that its XL3 solenoid injector went into volume production in 2013 in a new turbocharged 1.5-litre gasoline direct-injection (GDI) engine. The refinements focus on the actuation system design to allow for fast injector opening and closing, which ensures accurate metering performance. Precision metering, combined with multiple injection capability, helps reduce the particulate emissions of GDI engines and can cut the costs of aftertreatment technology. The Company is continuing its work on the XL3 injector in anticipation of Euro 6c standards. (From a press release on July 24, 2013)
-The Company begun production of its next generation of high-pressure fuel pumps for directly injected gasoline engines (GHP2) in Roding, Germany. The Company invested EUR 30 million in the facility, which employs approximately 630 people. The new high-pressure pump provides 200 bar of pressure, which reduces fuel consumption and CO2 emissions. These engines are currently capable of meeting the limits for particle emissions prescribed by Euro 6 regulations slated to go into effect for gasoline engines in September 2014. (From a press release on April 12, 2013)
Recent Development outside Germany
-Continental Automotive Corporation, a Japanese subsidiary of the Company, will step up its marketing activities of head-up displays (HUDs) targeting Japanese automakers. In business with European and US automakers, the Company normally initiates marketing efforts after it decides on product specifications. However, the subsidiary intends to make proposals to Japanese OEMs starting from an early stage of vehicle development. The Company believes that this will enable it to provide new technology that best suits the needs of Japanese customers. Adoption of HUD systems is expected to increase among Japanese automakers, as they regard the designs of such in-vehicle devices very highly. (From an article in the Nikkan Jidosha Shimbun on October 10, 2013)
-Continental Automotive Corporation will commercialize a new antenna module in 2014 which integrates multiple receivers for various applications including telephone, radio, and e-call. These receivers are currently installed on the interior and exterior of the vehicle. The Company will also develop five grades of head-up displays with different functionalities to be used in all vehicle ranges. This is in response to an expected rise in demand for head-up displays. (From an article in the Nikkan Jidosha Shimbun on October 8, 2013)
-Continental Automotive strengthened its recruitment activities in Japan. Anticipating a shortage of software development engineers in advanced safety technology fields, the Company planned to hire engineers with experience in the automotive industry or expertise in embedded software. The Company planned to increase the number of engineers from 600 to 650 by the end of 2013. By the end of 2016, the Company will increase the number of engineers by an additional 30%. Based on an estimate that the number of man-hours needed from software engineers will double over the medium term, the Company aims on adding dozens of new engineers each year. (From an article in the Nikkan Jidosha Shimbun on June 24, 2013)
-The Comapny began production of anti-lock brake systems (ABS) at its Brazilian site in Varzea Paulista. The existing ABS production line was taken over and integrated into the Varzea Paulista plant where, previously only hydraulic brake systems had been produced. This made Varzea Paulista the Company's first electronic brake system production site in South America. Approximately EUR 10 million was invested in this project. Production at the plant started in November 2012. The new ABS production line has an annual production capacity of 1.2 million units. ABS-related wheel speed sensors are produced in the sister plant in Salto (Brazil). (From a press release on April 10, 2013)
-Major contracts in 2013:
|Audi||A3||ContiSportContact 5 tires|
|A6, A6 Allroad||ContiSportContact 5 P performance tires|
|A7||ContiSportContact 5 P performance tires|
|A8||ContiSportContact 5 tires|
|RS 6 Quattro||ContiSportContact 5 P performance tires|
|Maserati||Quattroporte||ContiSportContact 5 P performance tires|
|Mercedes-Benz||A-Class||ContiSportContact 5 runflat tires, ContiSportContact 5 P performance tires|
|C-Class||ContiSportContact 5 P performance tires|
|S-Class||Freely programmable instrument cluster with 12.3-inch TFT display|
|Renault||Zoe||Electric powertrain including drive motor, power electronics and electric vehicle controller; Airbag control units, Side sensors, Front sensors, Wheel speed sensors, Radio, Keyless access and driver authorization system|
-The Company was named an Excellent Development Partner by Tesla Motors. The accolade from Tesla was awarded due to the Company's collaboration and development of specialty tires. A special XL version of the ContiSportContact 5 summer tire in size 245/35 R 21 XL 96 W was developed for the Model S. (From a press release on November 22, 2013)
-The Company was presented with the Technology & Development Award from Toyota Motor Corporation for its development of a new generation of radar based sensors for a 'Rear Cross Traffic Alert' (RCTA) system. The new Lexus ES models, introduced in 2012, was the first to be fitted with this RCTA system. The Company supplies these sensors for more than ten Toyota models. (From a press release on February 25, 2013)
-The Company expects that its sales will reach approximately EUR 35 billion in 2014. It also expects to generate approximately EUR 1 billion in sales of advanced driver systems in 2016.
R&D Expenditure by Divisions
|(in million EUR)|
|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||FY ended Dec. 31, 2011|
|Chassis & Safety||535.3||500.2||463.1|
-As of December 31, 2013, the Company has over 20,000 employees working in research and development in 115 facilities across 26 countries. The ratio of research and development expenses to sales was 5.6% in 2013.
-The Company has made significant strides in summer and winter tire testing technology for passenger cars, vans, and 4x4 vehicles with its automated, weather-independent AIBA (Automated Indoor Braking Analyzer) test facility, which opened in October 2012. The facility at the Contidrom test track near Hanover is integrated in a hall 300 meters long and up to 30 meters wide. In the facility, a driverless test vehicle is accelerated up to a maximum speed of 120 km/h and then braked on interchangeable road surfaces. Here, tests can be performed on both dry and wet road surfaces. When fully operational, the test facility will perform approximately 100,000 individual braking tests per year. (From a press release on September 10, 2013)
-The Company will invest SGD 29.7 million (EUR 17.5 million) for a new extension building to its R&D center in Singapore. The project is expected to take slightly over a year to complete. The new extension building will accommodate approximately 450 employees and provide a total floor space of 5,000 square meters. (From a press release on July 26, 2013)
-The Company expanded its Nuremberg center of competence for electric vehicles. The Company invested EUR 2.6 million in its new testing facility located at its HighTech Center North. The facility will carry out testing on power electronics - systems that govern the interactions between components in electric and hybrid vehicles. Prior to the expansion, test benches were spread out over several facilities. The new test center consolidates all the benches and places them in the immediate vicinity of the development department. (From a press release on April 15, 2013)
-ContiTech, a division of the Company, opened a new research and development center in Changshu, Jiangsu Province, China. The new center will develop products for vehicle mounts and vibration control technology in close collaboration with customers such as Geely, Great Wall Motor Company, General Motors, Shanghai Volkswagen and Qoros. ContiTech invested approximately EUR 8 million in the R&D center, which planned to employ 30 engineers by the end of 2013. An order from automotive manufacturer Qoros was the deciding factor in the expansion of the Company's research and development competencies in Asia. (From a press release on March 6, 2013)
-Because of high growth rates in China, the Company is planning to enhance its business in the region. Specifically, the Company is poised to accelerate development activities of various systems including electronic stability control systems, airbag control units, engine control units, fuel injection devices, instrument clusters and collision avoidance systems for its Chinese customers.
-The Company is accelerating the development of its automated driving system. The Company plans to have its fully automated driving system ready for production by 2025, after several stages of development. The Company is drawing a detailed development plan for automated driving, and will advance the technology based on its driver assist system in the market. To support this plan, the Company will spend billions of euros in R&D expenses over the next few years. According to its development timeline, the Company will develop and launch partially automated systems by 2016, applications enabling highly automated driving at high speeds and in complex driving conditions by 2020, and fully automated systems by 2025. (From an article in the Nikkan Jidosha Shimbun on February 23, 2013)
Products developed with IBM at 2014 International CES
-The Company announced that it will display initial product concepts that were jointly developed with IBM Corporation at the 2014 International CES. The CES takes place every January in the U.S. Highlights will include a new augmented reality driving system that displays road information on the windshield and an intelligent cloud-based voice solution for communications between the vehicle and the driver. The Company will also exhibit advanced vehicle sensors, smartphone apps to lock and unlock vehicles, and connected massage seats. These concepts represent the Company's roadmap for the evolution from advanced driver assistance systems to automated driving. (From an article in the Nikkan Jidosha Shimbun on December 27, 2013)
Project with Fraunhofer IME for tires made from dandelion rubber
-In 2013, the Company and the Fraunhofer Institute for Molecular Biology and Applied Ecology (IME) were on the verge of a breakthrough in their joint development project to mass-produce rubber from dandelions to be used in tires. In recent years, it was possible to produce high-grade natural rubber from dandelion roots in the laboratory. Work recently began on the construction of a pilot facility that can mass produce natural rubber at the IME site in Munster. The first test tires featuring dandelion rubber compounds are set to be tested on public roads in the coming years. (From a press release on October 14, 2013)
Collaboration with IBM on connected vehicle solutions
-The Company said that it will collaborate with IBM Corporation on the development of fully connected mobile vehicle solutions. This announcement was made at the 2013 Frankfurt Motor Show on September 10. Connected Vehicle is a collective term for services, technologies and functions that can enable and utilize a connection between vehicles and the Internet. The Company believes that the collaboration between the two companies will establish a basis for future infrastructure involving vehicle information applications. (From an article in the Nikkan Jidosha Shimbun on September 17, 2013)
Agreement with Oerlikon Group for HEV integrated motor and transmissions
-The Company and Oerlikon Group entered into an agreement to cooperate on the development and marketing of integrated motor and transmission systems for hybrid and electric vehicles. The aim of this collaboration is to further improve the efficiency of electrified powertrains through integrated optimization of both the electric motor and the transmission. Oerlikon Graziano SpA will contribute its knowledge in the development, production and design of high-performance transmissions, while the Company's Powertrain Division will bring its expertise in the development of conventional, hybrid and all-electric passenger car powertrains. (From a press release on May 28, 2013)
Project with TU Darmstadt on integrated driver assistance concepts
-For the last two years, the Company and Technische Universitat (TU) Darmstadt, as part of the collaborative PRORETA 3 research project, have been working on an integrated driver assistance concept for avoiding accidents and mitigating the consequences of accidents in urban traffic scenarios. After the jointly developed concept was incorporated into a Company research vehicle, the second phase of the project will focus on practical testing. The goal of the second phase is to demonstrate the effectiveness of the concept under real-life driving conditions. The project will run until autumn 2014. The first collaborative PRORETA research project (2002-2006) examined emergency braking and emergency steer assistance. Experiments carried out as part of PRORETA 2 (2006-2009) focused on an overtaking assistant to prevent accidents with oncoming vehicles. (From a press release on May 13, 2013)
Agreement with BMW to develop electronic co-pilot
-In January 2013, the Company and the BMW Group signed an agreement to jointly develop an electronic co-pilot for series introduction of highly automated driving on European freeways. The cooperative project between the BMW Group and the Company will last through 2014. Several prototype test vehicles equipped for automated driving are set to be built in the course of these two years. The overarching aim of the research partnership is to pave the way for highly automated driving functions beyond the year 2020. (From a press release on February 26, 2013)
Product Development360-degree vehicle surround view system
-The Company introduced a surround view system which utilizes four cameras to provide an image of the vehicle's surroundings and detect objects and pedestrians. This system also has the capability to warn the driver of incoming collisions and provide automatic braking in emergencies. An ECU in the system combines the images from the camera into a single image that provides a bird's eye view of the area around the vehicle. Future versions of this system will offer 3D views and are expected to go into series production in 2016.
Noise-reducing tire technology
-The Company has introduced its new ContiSilent technology that substantially reduces tire noise inside the cabin. A special foam layer is bonded to the inside of the tread area after the actual tire production process. This layer of foam has a strong damping effect on sound waves caused by rolling tires, reducing cabin noise levels by up to nine decibels regardless of driving surface. As all of the other tire components and tread patterns are adopted from standard production tires, ContiSilent tires have no performance differences in terms of braking or handling versus standard tires. Audi is the first automaker to fit its RS 6 Avant and RS 7 Sportback models with ContiSilent tires from the ContiSportContact 5 P series. (From a press release on August 7, 2013)
Seating with integrated electronic controls
-The Company is using intelligent electronics to equip car seats with multifunctional component features. The Company is adding diverse electronic controls for integrated air conditioning, seat adjustment, memory, massage, and numerous safety functions into the seat. The new Mercedes S-Class contains the integrated massage function. The Company is also working to link smartphones with the seat system for further personalization of seating functions. A demonstration of this technology was shown at the 2013 Frankfurt Motor Show (IAA). (From a press release on July 25, 2013)
-The Company has developed a new function to tighten seatbelts immediately prior to an accident, which can reduce the severity of possible injuries by up to 15%. This new ContiGuard function – Active Emergency Belt Control - is already available in two compact cars produced by major German automobile manufacturers. Seatbelt tightening occurs by means of a reversible electro-mechanical belt tensioner. (From a press release on July 18, 2013)
eCall telematics module
-Continental Automotive GmbH, a subsidiary of the Company, developed a telematics module for an automatic emergency call (eCall) system. The in-vehicle telematics unit transmits an emergency call when the vehicle is in an accident. The Company will start mass production of the telematics module before the European Commission makes eCall systems mandatory equipment for cars by October 2015. (From an article in the Nikkan Jidosha Shimbun on June 27, 2013)
Multimedia Radio Navigation System
-The Company developed the new Multimedia Radio Navigation (MRN) System for the PSA Peugeot Citroen Group in China. The product was launched with the Dongfeng Citroen C4 L car model in March 2013 and will be available in other vehicles in the future. Based on the Company's scalable Multimedia Platform concept, the MRN System is the Company's first navigation solution, made exclusively for a Chinese vehicle manufacturer. The product integrates innovative technologies, such as a 7" high-resolution touch screen with hand-writing recognition of Chinese characters and Chinese pin-yin romanization. Development of the MRN system was done by experts in Shanghai and Singapore. (From a press release on May 14, 2013)
Brake boosters >>>Product image
-The Company developed a new generation of brake boosters. Compared with the classical steel brake booster, the third-generation full-aluminum brake booster's weight has been reduced in half to 1,700 grams while its length has been shortened by 12% or 15 millimeters. This latest brake booster is available in 8/8", 8/9", 9/9" and 9/10" sizes and also as a front bolt version on request. (From a press release on March 13, 2013)
|(in million EUR)|
|FY ended Dec. 31, 2013||FY ended Dec. 31, 2012||FY ended Dec. 31, 2011|
|Chassis & Safety||401.7||383.8||327.1|
Investment in Germany-As part of its Vision 2025 strategy, the Tire division of the Company will be investing approximately EUR 40 million at the Korbach site by 2018. The funds will be used to set up a specialized production line for 19- to 22-inch tires for passenger cars and light trucks, as demand has steadily grown in the international original equipment and replacement markets. Funds will also be earmarked for the central development of the process technology required to manufacture the tires. The Company will start producing tires in 2016 and will increase the production volume to around 400,000 U-UHP tires by 2018. 60 new jobs will be created in Korbach during this time. (From a press release on September 30, 2013)
Investment Outside Germany<Czech Republic>
-The Company announced plans to significantly expand its truck and bus tire production facilities in Otrokovice, Czech Republic. The Company will invest a total of EUR 165 million in the coming years for its Tire division. The plant will not only continue to serve Europe, Middle East and Africa but will also develop Otrokovice into a production hub for the Americas and Russia. The plant currently has an annual production capacity of 700,000 truck and bus tires and 21 million passenger and light truck tires. This five-year expansion program will ultimately double the truck and bus tire production capacity at the site to almost 1.5 million units annually. (From a press release on December 11, 2013)
-The Company announced the official start of serial production at the new tire plant in Kaluga, Russia. Construction on the plant started in November 2011 and was completed in less than two years time. The Company has invested EUR 240 million in the first phase of development. In this phase, the plant will employ over 800 workers and is expected to produce 4 million tires annually by 2015. Currently, the Company has three planned production sites in Kaluga. In addition to the newly opened tire plant, OOO Continental Kaluga, the Company has invested in the expansion of production facilities at OOO Continental Automotive Systems RUS, which produces electronic auto components and fuel distribution elements. The Company is also finalizing the construction of a ContiTech plant that will produce air conditioning and power steering systems. (From a press release on October 29, 2013)
-The Company announced that its Powertrain Division is investing approximately EUR 20 million in its plant in Kaluga, Russia. This investment will significantly expand the Company's capacity to produce engine control and fuel supply units. The production facilities at the new plant are designed for an annual output of a million engine control units. The plant layout provides a production area of 7,200 square meters and was expected to finish by the middle of 2013. Production was scheduled to start in February 2014. Once the new plant is in operation, Continental Powertrain hopes to create around 100 new jobs by 2016. At present, the Group as a whole employs some 400 workers at the Kaluga site, over 230 of which are employed in the automotive sector. (From a press release on April 4, 2013)
-The Fuel Supply business unit of the Company's Powertrain Division is concentrating its high-volume production in Europe as it commissioned a new plant for fuel pumps and fuel supply units in an industrial park near Brasov, Romania. The Company invested EUR 40 million in the new facility, which has an annual production capacity of 7 million fuel supply units. Approximately five hundred people were expected to be working at the plant at the end of 2013. (From a press release on October 1, 2013)
-The Company will expand the annual production capacity of its truck and bus tire plant in Puchov, Slovakia from about 2.6 million tires to over 3 million tires in the coming years. The Company will invest approximately EUR 100 million in this project. The Puchov plant will be the first plant to produce the Company's new Generation 3 bus tires. (From a press release on June 27, 2013)
-The Company announced the completion of a 7,600-square-meter expansion in its plant in Changshu, Jiangsu Province, China to increase capacity and produce Electronic Parking Brakes (EPB). The expansion required an investment of EUR 36 million. The Changshu plant will begin supplying Chinese and Japanese vehicle manufacturers with locally produced EPB in 2014. This expansion is expected to increase the Changshu plant workforce to 2,250 employees, and increase annual production volume by approximately 30%. (From a press release on September 3, 2013)
-The Company's new tire plant in Sumter, South Carolina, USA began operations as scheduled in early 2014. The plant is expected to produce approximately 4 million tires a year at the completion of the first expansion stage in 2016. Additionally, the plant will have an annual production capacity of 8 million tires by 2021. The Company expects to invest USD 500 million into the facility and create 1,600 new jobs.
-The Company announced that it plans to invest USD 129 million to expand its Mount Vernon, Illinois, USA tire facility. The biggest portion in this investment includes a USD 95 million expansion of the Commercial Vehicle Tire (CVT) production area. Upon completion of the CVT expansion, the Mount Vernon facility will have an annual production volume of over 3 million tires and add more than 80 new full-time positions. Two other projects will create a total investment of USD 34 million, encompassing technology and equipment for the mixing building, and a warehouse expansion. These investments will bring more than 30 additional new full-time jobs and are expected to be complete during 2014. (From a press release on January 28, 2013)