Conti Completes 100% Acquisition of Matador Rubber
Continental has completed its acquisition of Slovakian company, Continental Matador Rubber S.r.o. following the purchase of the 34 per cent stake held by the Cyprus-based minority shareholder, M.I.L. Investments Ltd for $67 million (£41.1 million).
M.I.L. reportedly exercised an option to sell its remaining shares in the company at the pre-agreed price on 1 July.
The final transaction to buy the Puchov, Slovak Republic-based manufacturer boosts the total value of the acquisition to around £126 million, for which Conti has gained a passenger and light truck tyre plant and Matador’s 24 per cent share in the truck tyre plant the companies opened as a joint venture in 1999. The company employs 2,500 people and has a capacity of 7.7 million units.