Continental Teves, Nisshinbo form JV

HANOVER, Germany (Nov. 29)—Continental A.G.´s Continental Teves subsidiary has formed a 51-49 joint venture with Japan´s Nisshinbo Industries covering brake and chassis systems for the Japanese and Korean markets. The new company, Continental Teves Corp., should deliver annual sales of more than $285 million by 2004, Continental said. Nisshinbo brings its know-how and expertise in electronic braking systems as well as its strong customer relations with Asian car makers to the new company, Continental said.