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Conti Buying Motorola Car Business for $1 Billion Cash

(Akron/Tire Review) Continental AG will acquire Motorola Inc.’s automotive electronics business for approximately $1 billion in cash, it was announced this morning.

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The deal includes Motorola’s controls, sensor, interior electronics and telematics businesses, which will be integrated into Continental’s Automotive Systems Division.

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Continental said it expects the deal to be closed by mid-2006.

The deal will effectively double that division’s annual sales and adds vehicle telematics to Continental’s product line-up.

"This strategic move will further strengthen our position as a safety and systems supplier to the automotive industry and will give us a real push forward in automotive electronics," said Continental’s Executive Board Chairman Manfred Wennemer.

"The integration of Motorola’s automotive unit will enhance Continental’s ability to offer our customers long-term technology solutions in the areas of telematics, safety electronics, powertrain as well as interior and sensor technologies," said Karl-Thomas Neumann, president of Continental’s Automotive Systems Division. "The addition of telematics allows Continental Automotive Systems to take active/passive safety to the next level of functionality and performance.”

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