Conti Buying Motorola Car Business for $1 Billion Cash - Tire Review Magazine

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.

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

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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