ITG Automotive Safety Ro, one of the leading airbag manufacturers in Europe, is seeking to enter the tent market in order to diversify its portfolio and reduce its dependence on the auto industry, in the context of the crisis faced by this sector. The original investment plan for the new business provided for 5 million euros in funds, but, considering the European economic trend, the project has been put off and will be conducted at a much smaller scale. "We had 5 million euros set out for investments in 2009 into a new business, but for the time being, the project has been frozen. We are also expecting a Government response, some kind of support from it, perhaps a delay in VAT payment. The manufacturing of tents will start in 2009, but with a different budget," said Harald Gitschner, general manager of ITG Automotive Safety Ro. "When one has two core businesses, one can devise a balanced employee strategy. When there aren't enough orders for one business, and the industry is recording a decline, we can transfer employees to the production of the other products," said Gitschner.
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