Continental Announces Approximately $150 Million Investment, Creates Roughly 500 Jobs In Newport News, Virginia

— The investment marks the first time Continental plans to produce turbochargers in the U.S.

— The project will also increase production of Continental’s gasoline high pressure injector, fuel rail and pump assembly lines.

Continental, a leading international automotive supplier, announced today approximately a $150 million investment in its Newport News manufacturing facility over a multi-year period. By adding new production lines, Continental is bringing approximately 500 new jobs to the state, nearly doubling the facility’s current workforce. The investment demonstrates Continental’s commitment to economic development in the region and serves as an important milestone in Continental’s growth strategy worldwide.

The announcement was made at a news conference today at the Newport News manufacturing facility. Virginia Governor Terry McAuliffe and Dr. McKinley L. Price, Mayor, City of Newport News, were joined by Jeff Klei, President, Continental North America,BU complete card - 2014 - final Kregg Wiggins, Senior Vice President, Powertrain, Continental North America and David Kilgore, Plant Manager, Newport News, in announcing the substantial investment.

“Continental has been an outstanding corporate partner to the City of Newport News for over 40 years, and this transformational investment to introduce new, technologically-advanced product lines will provide a pathway to the workforce of the 21st century and future automotive designs,” said Governor McAuliffe. “We are confident in the upside potential to follow this investment and the strategic nature of growing the capabilities of Continental’s manufacturing operation. We thank the company for this significant investment and the creation of hundreds of new jobs in Newport News.”

In recent years, Continental has experienced growing demand in the U.S. for powertrain technologies. With the support from state and local officials, Continental plans to expand its current product portfolio in the plant. The investment plans to include the start up turbocharger production and increase production of Continental’s gasoline high pressure injector, fuel rail and pump assembly lines. This is the first time Continental plans to produce turbochargers in the United States.

“As one of Continental’s global Lead Plants and Centers of Expertise for powertrain technology, the Newport News manufacturing facility is an essential part of our overall business strategy as we look to grow business here and leverage some of the region’s best talent,” said Klei. “Thanks to the generous support of state and local officials, we are pleased to make an investment that plans to introduce the assembly of turbochargers to North America and increase our overall production of powertrain technologies in Newport News.”

As a Center of Expertise for Low Pressure Gasoline Injection and Exhaust Aftertreatment Products, the Newport News manufacturing facility has already produced more than 265 million fuel injectors.

“Soon approximately 1,000 Continental employees from the area will work in our more than 360,000-square-foot facility,” said Kilgore. “Our team is looking forward to expanding and developing our local workforce, which will be stronger than ever.”

The Newport News plant is part of Continental’s Engine Systems Business Unit in North America and has become a strong contributor in the company’s strategy to expand production in the region. The plant has been located in Newport News, Virginia for 44 years.

About Continental:

With sales of around €33.3 billion in 2013, Continental is one of the world’s leading automotive suppliers. As a provider of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires, and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also an expert partner in networked automobile communication. Continental currently employs around 186,000 people in 49 countries.

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