Continental AG has acquired 89.66 percent of the shares in Oltas SPA headquartered in Istanbul, from Koç Holding (sales in 2007: USD39.5bn) and other Koç Group shareholders.
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Oltas is Continental’s exclusive tyre distributor for the passenger car and commercial vehicle tyre brands Continental, Uniroyal and Barum in Turkey.
“With this acquisition, we are significantly improving our market position for commercial vehicle and passenger car tyres in Turkey and thus in the growth region Eastern Europe overall,” said Dr. Alan Hippe, Executive Board member responsible for the Passenger Car Tire division.
“Following the majority shareholding in the Slovakian Continental Matador Rubber and the acquisition of the Finnish specialist for spikes Tikka, this transaction also demonstrates that, in both the Passenger Car and Commercial Vehicle Tyre division, we are constantly on the lookout for meaningful additions to our portfolio and want to continue growing,” he added.
