MEXICO CITY – German automotive parts maker Continental will invest $40 million to build a hydraulic hose plant in the central Mexican state of San Luis Potosi, the company said on Friday.

The plant, which is set to open in 2024 and hire around 150 people, will also produce braided and spiral wire components and help supply chain efficiency, Continental said.

“Our goal is to be able to grow in North America,” said Andreas Gerstenberger, head of Continental’s Industrial Fluid Solutions global business unit in a statement.

Continental already operates 21 plants across a dozen Mexican states that make various auto parts including tires, brakes and computer systems, with 20,000 employees.