Continental plans to acquire Modi Tire

Continental is betting big on India, and plans to expand in the region. The international automotive supplier and the world’s fourth largest tire manufacturer Continental has signed an agreement with Modi Rubber LTD. (MRL), for the acquisition of a 100% shareholding in Modi Tyres Company Limited (MTCL), a subsidiary of MRL. The completion of the transaction still depends on the fulfillment of several conditions.
After completion of the transaction, MTCL will become a fully owned subsidiary of Continental Corporation. The company will focus on local production and distribution of bias and radial truck/bus tires as well as radial passenger car tires for the Indian market.

This development underlines the company’s strategy to invest in growing markets in Asia for its core businesses. With sales of €26 billion in 2010, Continental is among the leading automotive suppliers worldwide. The company supplies brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tires and technical elastomers and contributes to enhanced driving safety and global climate protection. The company currently employs approximately 150,000 people in 46 countries.

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