FORT MILL, S.C.—Continental the Americas L.L.C. is looking to broaden its tire portfolio and expand its capabilities by purchasing Hoosier Racing Tire Corp.
Its acquisition of the longtime motorsports tire manufacturer Oct. 3 allows Continental to enter a business segment in which it was not previously participating, according to Jocjen Etzel, CEO of Continental Tire the Americas.
Terms of the transaction were not disclosed.
“Continental and Hoosier share a similar vision for continued growth and sales excellence,” said Joyce Newton, Hoosier's president and CEO and co-founder of the business. “Hoosier has fantastic brand recognition, a high performing team, established customer relationships and a great lineup of products.”
She said becoming part of Continental will provide the company with a stronger and more sustainable organization for Hoosier in the future.
Newton and her husband Robert founded the Lakeville, Ind.-based business in 1957. Robert Newton died in 2012.
Hoosier “showcases the consequent execution of our long term growth strategy, Vision 2025, characterized by strategic planning and systematic implementation of technological progress,” said Nikolai Setzer, executive board member for Continental's tire business. It especially benefits Continental in the ultra high performance tire segment, he added.