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Continental acquires 51% stake in Slovakia's Matador

Continental AG said it has acquired a 51% stake in the Matador Rubber Group, a unit of Slovakia's Matador Group.

It said both parties agreed not to disclose any financial details of the deal. Continental AG said the acquisition strengthens its links with Matador, with which it has had a truck tyre production joint venture in Puchov, Slovakia since 1998, and expands its operations in Eastern Europe. The deal also allows Continental to expand production capacities for passenger car tyres in countries with low labor costs. (abcmoney.co.uk)