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November 11, 2016 01:00 AM

Continental pays $140 million for Hoosier

Tire Business Report
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    HANOVER, Germany—Continental Tire the Americas L.L.C. paid about $140 million for Hoosier Racing Tire Corp., parent company Continental A.G. disclosed in its third quarter financial report.

    On Oct. 4 Conti announced its purchase of Lakeville, Ind.-based Hoosier Tire—one of the world's largest producers of special-purpose tires used in racing. Conti said the acquisition supports its growth strategy, particularly in the ultra-high-performance segment.

    The tire maker called the purchase price sum a “provisional price,” owing to time restrictions in light of the closing having taken place only a few days before the preparation of the company's interim financial statements.

    Conti bought Hoosier from the Newton family and other investors.

    Since then, Conti named 27-year-year Hoosier veteran John DeSalle president of the company.

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