HANOVER, Germany (Nov. 11, 2016) — Continental Tire the Americas L.L.C. paid approximately $140 million for Hoosier Racing Tire Corp., parent company Continental A.G. disclosed in its third quarter financial report.
On Oct. 4 Conti announcedits purchase of Lakeville, Ind.-based Hoosier Tire — one of the world's largest producers of special-purpose tires used in racing.
Conti said the acquisition supports its growth strategy, particularly in the ultra-high-performance segment.
The tire maker called the purchase price sum a “provisional price,” owing to time restrictions in light of the closing having taken place only a few days before the preparation of the company's interim financial statements.
Conti bought Hoosier from the Newton family and other investors.
Since then, Conti named 27-year-year Hoosier veteran John DeSalle president of the company.