Continental to cut ties with Pakistan’s General Tyre and Rubber
Continental intends to divest its shareholding in General Tyre and Rubber Company of Pakistan Ltd. The company owns a 9.78 per cent share in Pakistan’s largest tyre maker through Continental Global Holding Netherlands B.V., and according a notification sent by General Tyre and Rubber to the Pakistan Stock Exchange, Continental Global Holding Netherlands intends to sell its entire shareholding “as soon as practically and economically feasible.”
General Tyre and Rubber was founded in 1963 by General Tire International Corporation. Continental took a shareholding in the tyre maker in 1987 and provided technical assistance. Continental also owns the General brand name. The company claims a 2.5 million tyre per annum capacity, an amount said to meet around one third of Pakistan’s tyre demand.