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Continental agrees to sell ContiTech unit to Lone Star Funds for about $4.6 billion
Continental has agreed to sell its ContiTech industrial unit to Lone Star Funds in a transaction valued at $4.6 billion. The deal advances the company's shift to focus solely on tires. A binding agreement has not been finalized.
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Continental agreed to sell its ContiTech industrial unit to Lone Star Funds, @business reported. The transaction values the unit at €4 billion, or $4.6 billion, with leadership approval already secured. The agreement includes potential additional payments of up to €250 million if performance targets are exceeded.
No binding contract has been reached yet. The sale completes Continental’s strategic shift to concentrate on its tires business. ContiTech produces rubber and plastic products for industrial clients.
Continental cut 3,000 jobs in May, including 1,600 positions in Germany, as part of ongoing adjustments.
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