Continental wants to acquire Modi tyre business

Contextual Links The international automotive supplier and the world’s fourth largest tyre manufacturer Continental has signed an agreement with Modi Rubber LTD. (MRL), for the acquisition of a 100 pc 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 tyres as well as radial passenger car tyres for the Indian market. This development underlines Continental’s commitment to the Indian market and is part of 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. As a supplier of brake systems, systems and components for powertrains and chassis, instrumentation, infotainment solutions, vehicle electronics, tyres and technical elastomers, Continental contributes to enhanced driving safety and global climate protection. Continental is also a competent partner in networked automobile communication. Continental currently employs approximately 150,000 people in 46 countries.