Continental Tire Plans to Invest $129 Million in Illinois Facility
January 28, 2013
Continental Tire the Americas plans to invest $129 million in its Mt. Vernon, Ill., tire facility and create more than 100 new full-time jobs over the next three years.
The driving forces behind this investment are an increased demand for Continental and General brand tires, the need for better complexity management in the plant and emerging technologies in tire production. The investment is defined in three segments and supports Continental's comprehensive growth strategy for its tire operations worldwide.
Almost $95 million, the largest portion of this investment, is allotted for the expansion of the Commercial Vehicle Tire production area, which will increase production to an annual volume of more than 3 million truck tires when completed. Included in this investment is a new mixer to support the additional tire production and the introduction of equipment for emerging tire technologies, including wide-base truck tires.
The CVT investment supports the addition of more than 80 new full-time positions and is expected to be completed in mid-2015.
Two additional segments will create a total investment of $34 million, encompassing technology and equipment for the mixing building, and a warehouse expansion. These investments bring with them more than 30 new full-time jobs and are expected to be complete during 2014.
Employment at the plant has grown as a result of the most recent Passenger and Light Truck tire expansion, announced on May 12, 2011. That expansion brought nearly 450 new full-time positions to the Mt. Vernon area. To date, Continental has hired approximately 350 people, and the hiring process is ongoing.