Continental buys India-based Modi Tyres
Continental AG, the world’s fourth largest tire manufacturer, has signed an agreement with Modi Rubber Ltd. to acquire its Modi Tyres Co. Ltd. subsidiary.
When completed, the deal will give Continental Corp. 100% ownership of Modi Tyres. The transaction still depends on the fulfillment of several conditions, according to Continental.
The company will focus on local production and distribution of bias and radial truck and bus tires and radial passenger tires.
"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," adds the company.
Continental and Modi have collaborated on various projects going back to 1974. For more information, click on "Continental, Modi sign manufacturing deal."