MEXICO CITY -- Continental will invest $40 million to build a hydraulic hose plant in the central Mexican state of San Luis Potosi, the company said in a statement.
The plant, which is set to open in 2024 and hire around 150 people, will also produce braided and spiral wire components and help supply chain efficiency, Continental said.
"Our goal is to be able to grow in North America," said Andreas Gerstenberger, head of Continental's Industrial Fluid Solutions global business unit in the statement.
Continental already operates 21 plants across a dozen Mexican states that make various parts including tires, brakes and computer systems, with 20,000 employees.
Continental, based in Hanover, Germany, ranks No. 8 on the Automotive News Europe list of top 100 global suppliers, with 2021 sales to automakers of $24.2 billion.