Cotinental AG gains control of Hoosier Racing Tire Corporation
Published On 07-Oct-2016 21:02:49
Germany based automotive manufacturer Continental AG's American division has acquired Lakeville based Hoosier Racing Tire Corporation in an undisclosed deal. Hoosier, which holds a prowess in making racing tires, has been working with Continental since 2009, together creating motorsports and high-performance street tires.
Nikolai Setzer, Executive Board Member for Continental's tire business, commented on this news, "This acquisition showcases the consequent execution of our long-term growth strategy Vision 2025, 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.”
Dr. Jochen Etzel, CEO of Continental Tire the Americas, LLC (CTA) added, "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. Hoosier's management team will continue to run the racing tire business. We are committed to the employees, and the communities in which Hoosier operates. We look forward to the future of working together to accelerate growth."
Hoosier Racing Tire Corporation came into being in around 1958 and since then has held an expertise in making racing tires. The company incorporates extensive research in product development and have been creating tires for various popular racing sports including NASCAR.
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 organization for Hoosier moving ahead."
This acquisition is expected to lend a fillip to Continental's tires division and add to its extensive product line. Apart from tires, Continental also manufactures braking system, interior electronics, automotive safety products, chassis components and various other parts for automotive industry.