Update: Conti Plant Incentive Value May Reach $333 Million
After an aggressive two-year courtship, the state of Mississippi and Continental AG signed on the dotted line last week, completing a deal that will bring a $1.45 billion, 2,500-job tire plant to the state. It is the Magnolia State’s second tire plant win in five years, and will bring much needed good paying jobs to
Conti to Build $1.4 Billion Plant in Miss.
Continental Tire the Americas and the state of Mississippi have officially reached an agreement that allows the tiremaker to purchase a site in Hinds County, Miss., for its “commercial vehicle tire” plant. Nikolai Setzer, executive board member for Conti’s tire business, said the new facility is part of Conti’s global growth strategy and a step
KKR Poised to Exit Alliance Tire Group
Kohlberg Kravis Roberts & Co. (KKR) is considering selling its 90% stake in Alliance Tire Group, India media reports. ATG’s value is estimated at $1.5 billion, which would make the private equity exit the biggest from an Indian company. If KKR decides to sell its stake in ATG, the company will exit with a 30%
ContiTech Celebrates One-Year Anniversary of Veyance Merger
ContiTech is celebrating the one-year anniversary of its acquisition of Veyance Technologies Inc. In Jan. 2015, Continental acquired Ohio-based Veyance Technologies Inc., allowing the companies to combine their knowledge and personnel, Conti said. “It has been an exciting first year filled with many of the elements inherent in a merger,” said Jim Hill, ContiTech NAFTA
Gerstenberger Tapped to Lead ContiTech Units
Continental Corp. veteran Andreas Gerstenberger has taken over as head of ContiTech A.G.’s global Industrial Fluid Systems business unit, as well as its Industry Hose segment. Gerstenberger, who most recently was in charge of the European trading companies under the ContiTrade division, will be based at ContiTech’s North American headquarters in Fairlawn, Ohio, and will
Tire Pros Joins Small Business Saturday
Tire Pros has partnered with the organization Independent We Stand to support Small Business Saturday, set for the Saturday after Thanksgiving Day dedicated to celebrating locally owned small businesses. Tire Pros is urging its nearly 700 member locations to promote the holiday shopping tradition on Nov. 28 and encourage their customers to support other businesses
ContiTech Closing Bowmanville Plant in 2016
Continental AG will be closing its ContiTech plant in Bowmanville, Ontario, in 2016 after 100 years as a former Goodyear Tire & Rubber Co. plant, local media reports. ContiTech acquired the plant last year when it purchased Veyance Technologies Inc., which produced conveyor belts for Goodyear. The ContiTech plant continues to produce conveyor belts for
Conti Sponsors ‘Dinner with Racers’ Podcast
After 30 days traveling 8,000 miles through 20 states, the “Dinner with Racers” podcast – sponsored by Acura and Continental Tire the Americas – is now available. Ryan Eversley, factory driver for Acura in PWC and Continental Tire SportsCar Challenge, and Sean Heckman, current partner in TMB Creative, Inc., host the podcast as they drive
Honda Recognizes ContiTech
Honda Manufacturing Canada awarded ContiTech’s air conditioning hose segment the Value Award at its annual North American supplier conference. This is the second year in a row the product has won the award. “We are extremely pleased to accept this award for the second year,” said Dave Rudyk, business development manager for ContiTech’s mobile fluid
Conti Wins Best New Product Award at SEMA
Continental Tire the Americas’ new all-season, UHP tire for sports cars, luxury sport cars and luxury sport crossovers – the ExtremeContact DWS06 – was named Best New Product in the Tire & Related Product category at this year’s SEMA Show. This is the second year Continental has claimed the award, winning with the TrueContact in
Elio Motors Taps Continental as Tiremaker for Three-Wheel Vehicle
Elio Motors announced it has sourced production of tires for its unique three-wheeled Elio vehicle. The ProContact GX tires will be manufactured by Continental Tire North America at its facility in Sumter, S.C. Elio Motors’ enclosed three-wheel vehicle will get up to 84 mpg with a targeted $6,800 base price. The company is aiming for
#AAPEX: Continental Expands Elite Timing Belt Kits
Continental said it has expanded its lineup of timing belt kits designed to deliver Elite OE Solutions Technology. “This expanded offering of Elite branded kits will provide customized solutions for the warehouse distributor, professional repair technician and consumer,” said Tom Lee, Continental’s marketing manager for North American aftermarket products. “Our portfolio will expand from two