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Article: Continental buys majority stake in Erco.(News)
- Article from:
- Rubber & Plastics News
- Article date:
- July 13, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mike McNulty
Continental Tire North America Inc. has purchased a majority stake in Compania Ecuatoriana del Caucho S.A. to significantly improve its position in Latin America.
The company acquired an additional 8 percent of the Cuenca, Ecuador-based tire manufacturer and distributor to give it a 50-percent interest in the business, according to Matthias Schoenberg, CEO of Conti's Americas tire businesses. Terms of the deal weren't released.
Conti also becomes majority owner of a rubber plantation, retreading plant, tire import businesses and various retail chains in the Andean region, which includes Bolivia, Chile, Columbia, Ecuador, ...