BRUSSELS, Belgium (June 11) — The European Union Commission has approved Continental A.G.'s plan to buy majority control of Slovak Republic-based Matador A.S.'s tire, conveyor belt and rubber machinery operations.
Conti disclosed its plan in April to buy 51-percent control of Matador, which has 4,770 employees and reported sales of $619 million last year. The companies haven't revealed the value of the offer. Conti also stated earlier it intends to expand passenger and light truck tire production at Matador's factory in Puchov, Slovak Republic, by more than 27 percent to 7 million units a year.
Matador and Conti already are involved in a 76/24 truck tire joint venture at Puchov. The deal also would include Matador´s conveyor belt production there and its share of a joint venture tire plant in Omsk, Russia.