Conti Acquires Serbian Conveyor Belt Manufacturer
Continental AG subsidiary ContiTech has taken over Serbian manufacturer of mining operation conveyor belts, Univerzal Kolubara. According to ContiTech, the group paid less than ten million euros for the company, which has 250 employees. Investment at the Univerzal Kolubara site is planned in order to take advantage of anticipated growth in the mining of brown coal in Serbia.
“This is an important component of our strategy to further develop the East European market and at the same time ensure a solid supplementary business outside of the automotive industry,” explained Continental Executive Board member Heinz-Gerhard Wente.