Continental Tires exits truck tyres biz; to focus on passenger segment
In a major strategic shift in India,
Continental Tires
has announced that it will exit its its Truck and Bus Radial (TBR) tyre business by June 2025 and will focus solely on Passenger Car and Light Truck (PLT) tyre segment. The
TBR segment
faces stiff competition and is highly price sensitivite.
This realignment includes ceasing TBR manufacturing at its Modipuram plant in Meerut, Uttar Pradesh, to ensure the long-term viability of its operations and align with future growth opportunities in the
PLT tyre premium segment
. The company has recently opened an IT Hub in Bengaluru.
A boost to local products
The Faridabad-headquartered company will focus on further developing its local product portfolio and manufacturing footprint to align with future growth opportunities in the PLT tyre premium segment.
The decision follows a comprehensive business review, which was aimed at safeguarding and strengthening the company's competitiveness in the Asia-Pacific region.
The company serves both replacement and original equipment customers.
Support for employees
In the restructuring plan, the company has chalked out a plan to provide assistance to its affected employees. This support includes assistance and support, such as career counselling, and potential employment opportunities inside and outside of Continental.
In addition, a voluntary retirement and separation scheme will be offered to the employees.
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