Hannover, Germany -Â Continental AG has closed on its purchase of Matador Group's tyre, conveyor belt and rubber machinery operations. The deal was finally signed on November 2, about a month after the companies had expected the deal to close.
The Matador Rubber Group is based in Puchov, Slovak Republic, employs 4770 and posted sales of approximately €450 million in 2006. The EU gave permission for the deal to go through on June 8.
The Continental-Matador truck tyre joint venture is now fully owned by Continental. Previously Conti owned 76 percent and Matador 24 percent of the venture.
Also, the Matador Machinery operations are being integrated with ContinentalFMF, and have been given a new name, Continental Machinery. The new company will be under JÃ¼rgen Dieterich, previously head of Conti's FMF unit.
Continental said it intends to hold a press conference in Puchov on Thursday where Conti CEO Manfred Wennemer and members of the Rosina family - who control the Matador operations -Â will give further details of the future of the former Matador operations. These include tyre making - including the Matador joint venture in Omsk, Russia; conveyor belt manufacture in Puchpov, Slovakia and the machinery operations.
Dieterich said one of the first moves in the new Conti machinery operations has been to reduce the cooperation between Matador Machinery and its Slovak counterparts of Vipo and Konstrukta.