Conti Teves, Nisshinbo to form JV

HANOVER, Germany (May 24)—Continental A.G.´s braking and chassis systems business Continental Teves is forming a joint venture with Japan´s Nisshinbo Industries to serve the Japanese and Korean markets. The joint venture should produce annual sales of more than $300 million by 2004-2005, according to Continental Chairman Stephan Kessel. Continental will own 51 percent of the venture, to be called Continental Teves Corp. Nisshinbo Industries, a highly diversified company with about $1.4 billion in annual sales, will contribute its expertise in electronic braking, Conti said.