German firm Continental has purchased the remaining 30% interest from its Continental Sime Tyre joint venture in Malaysia from partner Sime Darby. Continental paid US$31 million in 2003 for a 30% in the unit, then increased its share to 51% in 2004 and then to 70% in 2006.
With full ownership, the tyre company will rename it Continental Tyre Malaysia. The firm says the transaction underlines its long term interest and commitment to the Asia Pacific region.
Continental operates two tyre plants in Malaysia for truck, passenger and bus radials and agricultural, industrial and OTR tyres as well as motorcycle tyres, along with a technology centre.
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