Conti sells US HQ, confirms plan to move staff

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)