General Tire of Morocco shuts down

CASABLANCA, Morocco—General Tire & Rubber Co. of Morocco S.A. has ceased operations and lapsed into bankruptcy, and Continental A.G., the largest single shareholder, said it has no plans to revive the company. The company, 34.2-percent owned by Continental, was beset by strikes throughout 2001 and had operated only sporadically, according to a Conti spokesman. Continental had proposed a rescue plan, the spokesman said, but the firm could not win the support of the minority shareholders. The company declared bankruptcy in December. The company, which had operated in Casablanca since 1961, had 700 employees at last report, making passenger, light and medium truck and farm/OTR tires. It was in the red in 1999 and 2000, according to Conti. Fiscal 2000 sales were $35.7 million.