On July 4th, Continental Group announced the sale of its ContiTech business to investment firm Lone Star Fund.
The transaction price reached 4 billion euros (approximately RMB), of which 3.1 billion euros were cash inflows. The sale of ContiTech marks the official completion of Continental Group's large-scale restructuring plan.
After the transaction was completed, this old European company transformed into a pure tire manufacturer for the first time.
It is understood that ContiTech specializes in rubber and thermoplastic products, and is one of the three core business segments of Continental Group. Its services cover industrial end markets such as mining, energy, construction, automotive, furniture, and packaging.
At present, Continental Group has approximately 55000 employees and 19 tire factories worldwide.
The company has strong research and development capabilities for passenger tires, accounting for approximately 77% of its total tire sales. Continental Group's high-end and large-sized tires account for 55% of its total passenger tire sales. In addition to the growth in this field, the Asian and North American markets are also important strategic growth markets for it.