Continental, Michelin plan tyres joint venture
[FRANKFURT] German automotive supplier Continental and France's Michelin plan to set up a tyre-making joint venture, according to a list of mergers under review published by the German antitrust authority.
The venture, in which French farming software firm SMAG is also listed as a partner, would be based in Singapore, according to the Aug 29 filing published on the Federal Cartel Office's website.
Continental declined to comment. The disclosure comes as the company, based in Hanover, restructures in the face of what CEO Elmar Degenhardt this week called a global industry crisis that could only be overcome with state aid.
The German company has said it may shut plants as part of its restructuring, with Degenhardt saying he hoped to achieve clarity on how many would be affected by the end of this year.
The restructuring involves splitting Continental into three divisions. It has said it could spin-off its Powertrain unit rather than listing it. The other units will be Continental Rubber and Continental Automotive.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Billionaires selling cheap stuff get richer from inflation pain
Amazon to push cashierless shopping tech into more third-party stores, while backing off itself