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

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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.

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