HANOVER, Germany (Oct. 13)—Continental A.G. has increased its stake in Sime Darby Berhad's Malaysian tire making units to 51 percent from 30 percent for an undisclosed price and announced the venture would be renamed Continental Sime Tyre Sdn. Bhd. Continental paid $31 million in March for the 30-percent stake, but the parties declined to comment on the price of the additional share acquisition. The majority holding will enable Conti to "close a gap in its worldwide network of manufacturing operations and to tap the high-growth ASEAN region and Australia," Conti said. The Sime Darby business, which encompasses DMIB Berhad and Sime Tyres International Sdn. Bhd., generated sales of nearly $250 million in fiscal 2002. Together the two plants, in Alor Setar and Petaling Java, have annual capacity for 4 million passenger tires, 1 million light truck tires and around 300,000 medium truck tires.
Conti boosts stake in Sime Darby's Malaysian tire operations
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