Continental AG acquires Otlas shares
Continental AG has purchased 89.66% of the shares in Oltas SpA headquartered in Istanbul, Turkey, from Koç Holding and other Koç Group shareholders.
Oltas had $39.5 billion in sales in 2007 and is Continental's exclusive tire distributor for passenger and commercial tire brands Continental, Uniroyal and Barum in Turkey.
"With this acquisition, we are significantly improving our market position for commercial vehicle and passenger car tires in Turkey and thus in the growth region Eastern Europe overall," reports Dr. Alan Hippe, executive board member responsible for the Passenger Car Tire division.
"Following the majority shareholding in the Slovakian Continental Matador Rubber and the acquisition of the Finnish specialist for spikes Tikka, this transaction also demonstrates that, in both the Passenger Car and Commercial Vehicle Tire division, we are constantly on the lookout for meaningful additions to our portfolio and want to continue growing," he adds.