Continental to sell ContiTech unit to Lone Star for $4.6 billion
German automotive supplier Continental has agreed to sell its ContiTech unit to investment firm Lone Star Funds for 4.6 billion dollars (about 4 billion euros). According to Investing.com, the deal is part of the group's strategy to streamline its portfolio.
German automotive and industrial supplier Continental has reached an agreement to sell its ContiTech unit, which makes rubber and plastics technology products. According to Investing.com, the buyer is international investment firm Lone Star Funds, and the deal is valued at 4.6 billion dollars (about 4 billion euros).
ContiTech produces goods such as industrial hoses, conveyor belts and vibration-control systems. The sale is seen as part of Continental's strategy in recent years to streamline its portfolio and focus on its core business lines.
For Continental, one of Europe's largest automotive suppliers, the move reflects the structural transformation under way in the sector. Completion of the deal will depend on regulatory approvals, and investors will be watching the performance of the company's remaining units.
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