CHARLOTTE, N.C. (Feb. 4, 2008) — Continental Tire North America Inc. will relocate its U.S. administrative and executive staff to another location in the Charlotte area after selling its headquarters complex for $29.4 million.
The sale to Patriot Equities L.P., a Philadelphia developer, included a former tire plant, Conti said.
Conti is leasing back about a third of the plant´s 1.7 million square feet of space from Patriot Equities and plans to keep warehousing, rubber mixing and some research and development resources at the 40-year-old factory complex.
The tire maker phased out tire production there two years ago. Conti has a 10-year lease, Patriot Equities said.
Continental did not specify where it plans to move the executive staff, but last year the firm acknowledged it was considering a property in northern Lancaster County, S.C., about 10 miles from Charlotte, that could house about 300 employees. A decision is expected this year.