SEATTLE (Oct. 5, 2016) — Continental A.G. has acquired a majority ownership stake in Zonar Systems Inc., a Seattle-based fleet-management service business that is credited with pioneering “smart fleet telematics.”
Daimler Trucks North America L.L.C. will retain the minority stake in the company it bought in 2015, and Conti said the two firms will “combine their complementary strengths to become a major supplier in the sector and further expand both companies' portfolios to offer additional smart-fleet solutions to the market.”
Financial terms of the deal are not being disclosed; Conti said the contract has obtained the required vote of shareholders, but remains subject to final approval by the U.S. Federal Trade Commission and Department of Justice.
According to a Reuters news report, Conti's stake will be 81 percent with Daimler retaining a 19-percent share.
Helmut Matschi, president of Conti's Interior Division, said, “With this move, we are further expanding our portfolio and expertise in the arena of mobility services, and fostering our regional balance by investing into a fleet management provider in the U.S. that gives us access to a broad customer base and existing sales channels.”
