HANOVER, Germany (Nov. 7, 2007) — Continental A.G. has completed its purchase of 51-percent control of Matador Group's tire, conveyor belt and rubber machinery operations.
The deal, which closed Nov. 2, gives Conti full ownership of the Continental-Matador truck tire venture in Puchov, Slovak Republic, and controlling interest in the Matador-Omskshina joint venture in Russia. The value of the sale wasn't disclosed.
Matador's rubber business generated sales of about $560 million in 2006. Previously Conti owned 76 percent and Matador 24 percent of the truck tire venture.
Also, Matador Machinery's operations in Puchov are being integrated with Continental FMF and have been renamed Continental Machinery.