HOUSTON (ICIS)--Germany-based technology company Continental AG has acquired US-based Hoosier Racing Tire, a manufacturer of specialty tyres, Continental’s Americas office announced on Tuesday.
Kathryn Blackwell, a spokesperson for Continental Automotive, said Wednesday that financial details were not publicly available.
Nikolai Setzer, executive board member for Continental’s tyre business, said the acquisition will help the German company's growth strategy, particularly in the “ultra-high performance segment”.
Hoosier, a 59-year-old company, supplies tyres for most racing applications throughout the world. Continental said the two companies have collaborated over the past several years on a variety of technical and motorsports projects.
According to Continental, Hoosier will continue to maintain its Indiana production facility.Continental reported sales of $43.9bn in 2015 with its five divisions: Chassis & Safety, Interior, Powertrain, Tyres, and ContiTech. The company employs approximately 215,000 people in 55 countries. The automotive industry is a major global consumer of petrochemicals which contributes more than a third of the raw material costs of an average vehicle. ICIS tracks the movement of petrochemical raw material costs in auto production both globally and regionally with the weighted ICIS Basket of Automotive Petrochemicals (IBAP).
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