Conti in talks to sell Clairoix plant as going concern

ERJ staff report (DS)

Hannover, Germany -- Continental AG has said it is in talks with Middle-Eastern property group MAG, with a view to selling its tyre factory in Clairoix, France as a going concern.

“Since they informed us of their interest in the Clairoix plant, approximately a month ago, we have met with those at MAG charged with the matter on several occasions and exchanged a host of information with them. We continued this dialog this week, with a presentation of the plant's technical and industrial details at a meeting in Paris on Monday and then at the Clairoix site on Tuesday. This morning we shall propose to MAG that negotiations be entered into with regard to a takeover offer. We are working on this subject in a totally professional manner,” indicated Nikolaï Setzer, head of the Passenger & Light Truck Tires division at Continental.

Continental said the site visit had been delayed, due to safety concerns as fire prevention, alarm and surveillance systems had been destroyed by industrial unrest at the plant.

Today's talks between Continental and MAG deal with a transfer of the plant and its full production capacities, including its personnel, equipment and know-how. Should terms be reached on this, the MAG project will be submitted to the consideration of the representative boards of Continental France.“

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Press release from Continental