Continental nixes Russian joint venture

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Continental AG is pulling the plug on its joint venture with Russia┬┤s Moscow Tire Plant, according to a Tyres & Accessories report.

Tyres & Accessories quoted a German newspaper that contained a statement from Continental AG Chairman Manfred Wennemer, who admitted Continental "did not succeed in finding solutions that would allow for a prosperous business in the long run."

The pull-out will reportedly cost Continental around 30 million euros.

The venture was formed in 2002 with the intention of producing passenger and light truck tires, including output of more than three million units by 2006.

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