Hanover, Germany - Continental Corp. has expanded its tire portfolio with two recent purchases in the US, the Germany tire and automotive supplier announced 4 Oct.
The company acquired Lakeville, Indiana-based Hoosier Racing Tire, which it said was “one of the largest manufacturers of racing tires in the world.”
The purchase came on the back of a seven-year “successful cooperation” between the two companies on motorsport projects, the German group added.
Hoosier, according to Conti, employs around 500.
The value of the transaction, which closed on 3 Oct, has not been revealed.
Conti also bought a majority stake in another US company, the specialist Seattle, Washington-based Zonar Systems Inc.
The fleet management systems supplier oversees the managing private and public commercial vehicle fleets in the North American market.
Conti expects that the 81-percent share ownership will help it expand its presence in the US market following the acquisition.
Daimler AG retains its existing share, which amounts to more than 19 percent.
This combination, said Conti, can build a strong fleet management provider.
The transaction is expected to complete in Q4 this year, once approval from the antitrust authorities is given.