28 Aug 2009
ERJ staff report (TB)
Hanover, Germany-- Continental AG has acquired full ownership of Continental Matador Rubber S.r.o. of Slovak Republic, buying the minority shareholder's remaining 34-percent stake in the Puchov-based tyre maker for $67 million.
The transaction occurred July 1 after the shareholder, M.I.L. Investments Ltd. of Cyprus, exercised its option to sell its remaining stake at the agreed-upon price.
Conti bought 51-percent control of Matador in November 2007 for roughly $110 million and increased the stake last year to 66 percent for about $29 million, according to Conti documents.
The three share purchases value the transaction at about $206 million.
Continental Matador operates two tyre factories in Puchov, Slovak Republic-one for passenger and light truck tyres and one for medium truck tyres-with 7.7 million units of combined capacity and 2,500 employees. Conti and a then-independent Matador A.S. opened the truck tyre plant in 1999 as a joint venture.
From Tire Business (A Crain publication)
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