Continental AG signs letter of intent to take over Moscow Tire Plant

April 11, 2001

Continental AG soon will be manufacturing Gislaved and Barum brand passenger and light truck tires in Russia.

The Hanover, Germany-based company signed a letter of intent with Moscow Tire Plant to purchase majority interest in the facility. The plant will supply Russia with replacement and original equipment tires.

Continental will invest some $43 million over time to modernize the plant. Annual production will be increased from two million tires to five million.