FORT MILL, S.C., Oct. 4, 2016 /PRNewswire/ -- The international technology company Continental today announced the acquisition of Lakeville, IN-based Hoosier Racing Tire Corp., a manufacturer of specialty tires for racing applications.
"This acquisition showcases the consequent execution of our long-term growth strategy Vision 2025, characterized by strategic planning and systematic implementation of technological progress. The acquisition of Hoosier Racing Tire is an exciting next addition to our product portfolio and will support our growth strategy, especially in the ultra high performance segment," said Nikolai Setzer, Executive Board Member for Continental's tire business.
Dr. Jochen Etzel, CEO of Continental Tire the Americas, LLC (CTA) added, "Hoosier's management team has built an impressive business. We believe Hoosier Tire is well-positioned to continue its strong growth, and we look forward to supporting that development through our complementary knowledge and extensive footprint. Hoosier's management team will continue to run the racing tire business. We are committed to the employees, and the communities in which Hoosier operates. We look forward to the future of working together to accelerate growth."
Hoosier was founded in 1957 and has a legacy of technical product knowledge, quality manufacturing, outstanding service and consistent performance. Hoosier supplies tires for most racing applications throughout the world, with an emphasis on high performance and quality. The company currently employs nearly 500 people.
Joyce Newton, Hoosier's president and CEO said, "Continental and Hoosier share a similar vision for continued growth and sales excellence. Hoosier has fantastic brand recognition, a high-performing team, established customer relationships and a great lineup of products. This acquisition will provide a stronger and more sustainable organization for Hoosier moving ahead."
Continental and Hoosier have worked together over the past several years on a variety of technical and motorsports projects. Continental is constantly looking to add talent to its team. The transaction will create significant opportunities for the employees of Hoosier and CTA.
Terms of the transaction are not being disclosed.
Continental develops intelligent technologies for transporting people and their goods. As a reliable partner, the international automotive supplier, tire manufacturer, and industrial partner provides sustainable, safe, comfortable, individual, and affordable solutions. In 2015, the corporation generated sales of €39.2 billion with its five divisions, Chassis & Safety, Interior, Powertrain, Tires, and ContiTech. Continental currently employs approximately 215,000 people in 55 countries.
Based in Fort Mill, S.C., Continental Tire the Americas, LLC manufactures and distributes a complete premium line of passenger, light truck and commercial tires for original equipment and replacement markets. Our ultra-high, performance tires include award-winning technologies that focus on safety, help save money, and reduce CO2 emissions. Continental's premium products are available at leading independent tire dealers, car dealers, and mass retail companies across North America. Continental Tire is a proud supporter of IMSA, Major League Soccer (MLS), College Basketball, West Coast Customs, Lingenfelter Performance Engineering, and Petty's Garage. For more information visit, www.continentaltire.com.
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