March 12, 2012
-- Continental, the global automotive supplier has bought 50 percent stake in its joint venture, Continental Rico Hydraulic Brakes India, thus claiming full ownership of Rico Auto Industries' division. Continental has forged partnership with the Indian auto component major Rico Auto Industries and formed Continental Rico Hydraulic Brakes India. After acquiring 50 percent shares of the JV entity, the ownership now vests with Continental.
Rico Auto Industries is based out of Gurgaon, near Delhi in the North Indian state of Haryana and it manufactures and supplies auto components for hydraulic brake system to automotive original equipment manufacturing firms in the country. Rico makes products such as calipers for front and rear axles, master cylinders, drum brakes, brake boosters and load sensing proportioning valves for passenger cars.
Revealing more about the acquisition, Peter Laier, Executive Vice President, Hydraulic Brake Systems Business Unit, Continental Chassis and Safety Division said: "India plays a significant role in our growth strategy, especially in the hydraulic brake systems business division. The investment in the Gurgaon activities corroborates our plan lay more emphasis to driving safety for the Indian automobile industry and eventually to the end-users". For more on this, visit http://automotivehorizon.sulekha.com/continental-acquires...