COLOMBO, Sri Lanka (Aug. 31, 2009)—Continental A.G. has set up a joint venture with Sri Lankan solid tire maker Eu-Retec (Pvt.) Ltd. to make industrial tires for Conti for the North American and Asian markets.
Conti reportedly will invest $7 million in Eu-Retec's facilities, and the agreement calls for Michael Maertens, managing director of Conti's industrial tires business, to become chairman of a joint venture Conti formed with the Sri Lankan firm. The venture started shipping tires earlier this year.
Eu-Retec makes new and remolded industrial solid tires at a plant near Colombo. The deal replaces one Conti has had since 2005 with Watts Industrial Tyres of the United Kingdom.
What kind of investments do you plan to make this year?
|Adding more employees.||
21% (17 votes)
16% (13 votes)
|Upgrading our equipment and/or facilities.||
37% (30 votes)
|Training for employees.||
27% (22 votes)
|Total votes: 82|