Continental AG, Europe’s second-biggest maker of car parts, said it plans to grow by buying other companies after cutting debt from a 2007 purchase that left it vulnerable to a hostile takeover bid. Continental, which agreed last month to buy a U.S. company to add to its rubber-products business, may make another acquisition to expand the unit in 12 to 18 months and is considering smaller purchases for the automotive operations, Chief Executive Officer Elmar Degenhart said in Frankfurt.
The company’s operations include manufacturing Continental brand tires. Continental said last month that it plans to acquire Fairlawn-based Veyance Technologies Inc. for $1.9 billion. Veyance is the former Goodyear-owned engineered products unit.
— Bloomberg News