Continental seeks joint venture in China

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Continental AG has signed a memorandum of understanding with Chinese tiremaker Qingdao Doublestar Tire Industrial Co. Ltd. with the intention of forming a joint venture in spring 2005.

"We have found Doublestar to be a company with a very good position in the market and are confident that an alliance can be created that is profitable for both parties," says Dr. Hans-Joachim Nikolin, the Continental board member in charge of the project.

Continental intends to hold majority interest in the venture, which will be called Continental Doublestar Co. Ltd.

Plans include a tire production capacity increase at Doublestar´s plant in Qingdao, China, plus construction of a new passenger and light truck tire plant.

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