Charlotte, North Carolina -- Continental Tire North America Inc. will relocate its US administrative and executive staff to a new location in the Charlotte area after selling its headquarters complex - including a former tyre plant - in Charlotte to a Philadelphia developer for $29.4 million (Euro 20 million).
Conti is leasing back about a third of the plant's 1.7 million ft2 (15.8 ha) of space from the new owner, Patriot Equities LP, and plans to keep warehousing, rubber mixing and some research and development resources at the 40-year-old factory complex. CTNA phased out tyre production there two years ago. Conti has a 10-year lease, Patriot Equities said.
CTNA did not specify where it plans to move the executive staff, but last year the firm acknowledged it was considering a property in northern Lancaster County, South Carolina, about 10 miles from Charlotte, that could house about 300 employees. A decision is expected this year.
From Tire Business (A Crain publication)