July 25 (SeeNews) - Continental Tires, part of automotive parts supplier Continental Romania, said on Wednesday it has acquired a former industrial platform in Timisoara, in western Romania.
The tire-maker acquired 32 hectares of land from the UMT and Prompt groups of companies, it said in a press release.
This land acquisition will help the company expand its storage capacity and optimize its overall logistics costs, Continental said.
The transaction was finalised following negotiations between Continental, the UMT and Prompt group of companies, and ABA Consulting's economic and legal consulting firm.
During 18 years of activity in Timisoara, Continental has invested over 460 million euro ($538 million) in its tire factory and created more than 2,500 jobs.
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Continental Tires Timisoara has produced and delivered up to now 200 million tires to customers in Europe and around the world.
In Timisoara, the company produces a wide range of tires, ranging from 13 to 20 inches, in line with market requirements, including premium premium tires, innovative electric car tires, and light commercial vehicle tires.
Continental owns seven production units and four engineering centers in Timisoara, Sibiu, Carei, Nadab, Brasov and Iasi.
The company is also a partner of a joint venture in Slatina and has a tire distribution center in Bucharest.
($=0.8557 euro)