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Texas Invests $1.2 Million in Continental Automotive Systems Inc. in Seguin
By: TexasBusiness.com Posted: Friday, February 3, 2012 11:39 pm
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Texas Business reports: The state is investing $1.2 million through the Texas Enterprise Fund (TEF) in Continental Automotive Systems Inc., to relocate production of its sensors and actuators from Europe and Asia to its plant in Seguin, reportedly creating 300 new jobs and $113 million in capital investment.
Continental is one of the world's largest automotive industry suppliers.
The company manufactures engine, transmission and hybrid control units at its plant in Seguin, and will begin producing sensors and actuators.
Continental AG, the parent company, also has facilities in Houston and Uvalde.
The “announcement would not have been possible without the strong support of and collaboration with the state of Texas and Texas Enterprise Fund, Seguin Economic Development Corporation, City of Seguin and Guadalupe County officials,” said Kregg Wiggins, senior vice president, NAFTA Powertrain Division for Continental in a prepared statement. “We truly appreciate their support and look forward to expanding our business in this region."
"Continental continues to be a success story here in Seguin," Seguin Director of Economic Development Terry M. Treviño said. "Since January 2010 the Seguin plant has grown from about 660 employees to more than 1,340 today, more than doubling its workforce, and is now adding more than 300 additional employees for a total of nearly 1,700. As most areas throughout the nation are losing jobs, Seguin continues to thrive - a testament to the strong fundamental advantages that make Seguin competitive on an international scale."
The Legislature created the TEF in 2003 and re-appropriated funding in 2005, 2007, 2009 and 2011 to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. |
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