In order to broaden its tire portfolio, Continental has acquired the Lakeville, Ind.-based Hoosier Racing Tire Corp.
Founded in 1957, Hoosier supplies specialty tires for racing applications around the world. Hoosier currently employs about 500 people.
“This acquisition showcases the consequent execution of our long-term growth strategy Vision 2025, characterized by strategic planning and systematic implementation of technological progress. The acquisition of Hoosier Racing Tire is an exciting next addition to our product portfolio and will support our growth strategy, especially in the ultra high performance segment,” said Nikolai Setzer, executive board member for Continental’s tire business.
Continental and Hoosier have worked together for the past seven years on a variety of technical and motorsports projects. According to Conti, the transaction will create opportunities for the employees of Hoosier and Continental Tire the Americas.
“Hoosier’s management team has built an impressive business. We believe Hoosier Tire is well-positioned to continue its strong growth, and we look forward to supporting that development through our complementary knowledge and extensive footprint,” added Jochen Etzel, CEO of Continental Tire the Americas. “Hoosier’s management team will continue to run the racing tire business. We are committed to the employees, and the communities in which Hoosier operates. We look forward to the future of working together to accelerate growth.”
Terms of the transaction were not disclosed.
