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Continental turns tire distribution logistics over to Exel

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As part of the reorganization of its passenger tire business, Continental Tire North America Inc. (CTNA) has formed a strategic partnership with Exel focusing on tire distribution logistics in North America.

Exel will assume control of, among other things, the management of CTNA's tire distribution warehouses. CTNA operates seven warehouses in the United States and Mexico.

All details of the agreement will be finalized by April 1, 2004.

"This is a win-win situation," says Martien de Louw, CTNA's CEO and president and a member of the Continental AG executive board. "CTNA’s goal is to provide the best in class customer service.

"The partnership allows us to focus on our core competencies, tire development and manufacturing, while, at the same time, providing faster and more efficient service to our customers. This initiative is another significant step in strengthening our market position in North America."

Exel is a leading logistics company worldwide, with a workforce of around 67,000 people in more than 120 countries. Further information on the company is available on the Web under www.exel.com.

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