As part of its long-term growth strategy Vision 2025, international technology company Continental has recently announced its acquisition of Lakeville, Indiana-based Hoosier Racing Tire Corporation, a manufacturer of specialty tyres for racing applications.
According to Nikolai Setzer, Executive Board Member for Continental’s tyre business, Vision 2025 is “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,” he added.
Dr. Jochen Etzel, CEO of Continental Tire the Americas, LLC (CTA) said, “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.”
Dr. Etzel also added that Hoosier’s management team will continue to run the racing tyre business. The company currently employs nearly 500 people.
Founded in 1957, Hoosier has a legacy of technical product knowledge, quality manufacturing, outstanding service and consistent performance. Hoosier supplies tyres globally for most racing applications, with an emphasis on high performance and quality.
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 organisation for Hoosier moving ahead.”
Over the past several years, Continental and Hoosier have worked together on a variety of technical and motorsports projects.
The transaction will create significant opportunities for the employees of Hoosier and CTA. The companies did not disclose the terms of the transaction.