| 2:27 PM EST

ThyssenKrupp Expands in N. America



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ThyssenKrupp AG says it will invest €800 million ($868 million) in North America by 2020 to meet an expected 12% hike in production in the region.

The spending will include €500 million ($543 million) to expand capacity of its chassis components operations. ThyssenKrupp announced the plan today as it opened a steering systems factory in Puebla, Mexico. It launched a front axle assembly plant in Puebla two month earlier.

The company now operates four plants in Mexico and seven others elsewhere in the NAFTA region. North America currently generates €1.6 billion ($1.7 billion), or 22% of ThyssenKrupp's annual worldwide sales.