Continental A.G. has appointed one of its executive board members to oversee its efforts in China as the conglomerate looks to continue the strong growth it has shown in the nation.

Ralf Cramer, head of the Chassis & Safety Division since December 2007 and a Conti board member the last three years, will become president of the firm's organization in China, effective Aug. 1. Based in Shanghai, he will oversee an operation in China that posted sales of nearly $3.5 billion in 2012, has recorded growth rates for several years twice that of the market as a whole, operates 19 production sites and nine research and development centers, and employs about 17,000.

"It is our strategic goal to increase the share of corporate sales on the Asian market from 18 percent at present to more than 30 percent over time," said Conti CEO Elmar Degenhart. "Here, our growth engine is China, which today is already the largest manufacturer and market for automobiles."

He said that by 2020, China also will be the world's top market for premium cars, and "nowhere in the world will the demand for individual mobility and industrial goods be growing stronger than there." The number of automobile plants in China will grow from 120 today to 142 by 2014, Conti said, with Chinese auto makers operating half of the plants.

Source: rubbernews.com