HANOVER, Germany-The Moroccan government has sold its 20-percent share of General Tire & Rubber Co. of Morocco to private stock holders, according to parent company Continental A.G. In addition, Hanover-based Continental reduced its share of the Moroccan tire maker to 35 percent from 53 percent, but will continue to manage the company, a Conti spokesman said.
The North African facility posted 1994 sales of $53.6 million.
Sale of Petlas falls through
ANKARA, Turkey-The previously announced sale of Turkey's state-owned tire maker Petlas Lastik Fabrikasi has fallen through, after the company bidding to take over failed to meet payment deadlines.
The privatization agency has reopened bidding for the car, truck and aircraft tire maker, and expects to make an announcement in May or June, a spokesman said. Prior to agreeing earlier this year to sell Petlas to a company headed by an Iranian businessman, the agency had received bids from at least two other interested parties.