The Continental Corporation has announced targeted acquisitions to expand its technology expertise.
The international automotive supplier, tire manufacturer and industrial partner has acquired the tire specialist Hoosier Racing Tire (Lakeville, Indiana, USA), as well as a majority stake in Zonar Systems Inc. (Seattle, Washington, USA), a company specializing in fleet management solutions.
It was agreed in both cases that the purchase price would not be disclosed.
Hoosier Racing Tire – Leading Manufacturer of Racing Tires
The company which calls the U.S. state of Indiana home currently has around 500 employees and is considered one of the largest manufacturers of racing tires in the world.
Continental and Hoosier can already look back on seven years of successful collaboration. During this time, the two companies have worked together on various development and motorsport projects.
The purchase of Hoosier Racing Tire was completed on October 3, 2016. The company, founded in 1957, has been in private ownership up until the sale to Continental Tire the Americas.
Zonar – Intelligent Fleet Management Solutions for Commercial Vehicles
With a total of 330 employees, Zonar provides solutions for managing private and public commercial vehicle fleets in the North American market. With a majority stake in Zonar, Continental expands its presence in the US market. This combination results in one of the world’s leading providers of fleet management solutions.
The purchase contract gives Continental a stake in Zonar amounting to approximately 81% of the total shares. Daimler AG retains its existing share, which amounts to more than 19%. The transaction has obtained the required vote of the Zonar shareholders.
Approval of the antitrust authorities is still required to complete the purchase. The share acquisition is expected to be completed in the middle of the fourth quarter of 2016.
