Germany-based Preh GmbH is set to expand, following an announcement that it surpassed the 500 million euro ($708 million) mark for the first time with its annual sales in 2013. This growth, the company says, was driven by all participating markets of the automotive supplier in Europe, North America and China.
The automotive supplier says it is set to invest 11 million euros ($14.9 million) in facilities in order to accelerate growth in 2014-2016.
“We don‘t want to rest on our achievements; instead, we want to give Preh additional momentum. In Bad Neustadt [Germany] alone, we will therefore invest 11 million euros in the improvement above all of our product development processes. I regard it as a great sign of confidence of our shareholder Jeff Wang that he supports the continued expansion of our traditional corporate headquarters without reservation,” said Preh president and CEO Michael Roesnick.
At the end of 2013, Preh employed about 3,430 people worldwide, about 7 percent more than the year before. Employment also grew in its headquarters of Bad Neustadt location with just under 90 new jobs being created at Preh headquarters in 2013.
Joyson Investment Holding Co. Ltd. of Ningbo, China, is the majority owner of Preh.