Business Services Industry
Continental gets option to up stake in Sime tyre ops, BUSINESS TIMES
Business Times (Malaysia), February, 2003 by Cheah Chor Sooi
Business Times (Malaysia) 02-27-2003 MULTINATIONAL conglomerate Sime Darby Bhd has granted an option to Continental AG, the fourth-largest tyre company in the world, to be the majority stakeholder in its tyre operations. The German company, which acquired a 30 per cent stake in the merged tyre operations of DMIB Bhd and Sime Tyres International Sdn Bhd (STI) yesterday, can further obtain another 21 per cent equity in a newly-set-up business entity come 2005.
Continental will initially invest RM117 million in new company (newco) SDC Tyre Sdn Bhd, which is seen as greatly enhancing Sime Darby's tyre technological capability. Continental is a leading supplier of tyres, brake systems, chassis components, automotive electronics and technical rubber...
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