July 17, 2007 -- ZF Friedrichshafen plans to invest €120 million in its Eastern European facilities over the next three years, Handelsblatt reported, citing no sources. Germany's third largest automotive supplier expects sales in Eastern Europe to soar to 700 mln eur by 2010 which would amount to 6 pct of the company's total sales, the newspaper said. The company also wants to increase staff levels in Slovakia and plans to build a new factory in Russia, it said. 'Today, Chinese automotive suppliers follow manufacturers such as Hyundai to Eastern Europe,' the newspaper cited chief executive Hans-Georg Haerter as saying. 'If we don't compete, we will lose our businesses there and in Germany.'
Source: AFX International Focus
Source: Factiva
