Continental to Complete Spikes Acquisition

Continental are to complete the acquisition of all shares in the Finnish spikes manufacturer TIKKA Spikes Oy, along with its Russian subsidiary OOO TIKKA, based in St. Petersburg.

Lothar Salokat, the director of Conti’s Korbach plant in Germany, stated that, “The deal will strengthen Continental’s winter tyre business as well as its position in Scandinavia and Russia. It is our intention that cooperation with other tyre manufacturers will continue via TIKKA Spikes.” TIKKA Spikes provides employment in Tikkakoski and St Petersburg for approximately 120 people. The TIKKA group states that “they will continue in the service of the new owner as workers of long standing.” The company’s estimated turnover is approximately 15 million euros for this year.

“The TIKKA Group has undergone a process of rapid internationalization and invested heavily in new production technology. As a result of this agreement ownership will pass to an international tyre manufacturer, which will open the way for further investments in new production technology and product development in cooperation with the world’s leading tyre manufacturers – development that will result in even better spike tyres for consumers,” says Midinvest Management Oy’s Managing Director, Visa Virtanen.

The sale will go ahead subject to the approval of antitrust authorities.