Continental has paid EUR600m (US$677m) for the automotive division of Elektrobit Oyj. Elektrobit Automotive GmbH is a supplier of embedded software to BMW, Daimler, Ford, GM and Volkswagen.
The German Tier 1 says its purchase was unanimously backed by the Finland-based parent’s board of directors.
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“With this acquisition, Continental is strengthening its development capacity for current projects while boosting its technology development of systems for automated driving,” a company statement noted.
