HANOVER, Germany (July 25, 2008) — Continental A.G. has purchased 89.7 percent of the shares in Istanbul-based Oltas S.p.A. from Koc Holding and Koc Group shareholders, the company reported.
Under the deal—which is subject to the approval of Turkish antitrust authorities—Oltas will be Conti's exclusive tire distributor for Continental, Uniroyal and Barum brand passenger and commercial tires in Turkey.
The deal significantly improves the firm's market position for commercial vehicle and passenger tires in Turkey, and Eastern Europe overall,” said Alan Hippe, executive board member for Conti's passenger car tire division.
Oltas reported sales of about $53.4 million, based on the 2007 average exchange rate, Continental said. It has a franchise dealer network of more than 200 shops.