Hanover, Germany – Continental AG has confirmed that it is selling its shares in Pakistan’s General Tyre and Rubber Co. (GTR).
In a statement provided to ERJ, the Germany tire-maker said that Continental Global Holding Netherlands B.V (CGHN) was selling its 9.78% shares in the Pakistani venture.
Conti did not give any reason for the divestment.
Based in Karachi, Pakistan, GTR produces 1.2 million tires a year which inclue passenger car, light vehicles, farm and two-wheler tires.
According to local reports, Continental’s decision will not affect the continuation of its existing royalty and technical service agreement which it signed with GTR in 2011.