Could Continental AG be looking at tire industry acquisitions? According to a Dow Jones Newswire report last week, the company is looking to loosen its "dependence on new-car sales by strengthening other parts of its business with takeovers."

Conti said that while sales in North America and Asia "help to compensate for weakness in Europe," according to the report, it is not comfortable with its positions in "replacement tires, electronic spare parts for cars, conveyor belts and hoses for the oil industry."

In an interview published in Germany last week, Continental chairman Elmar Degenhart said that those parts of the company’s business account for "less than 30% of company revenue," Dow Jones reported.

"We want to raise their share to 40%, not only through organic growth, but also with acquisitions," Degenhart was quoted as saying, but he offered no specifics.