Continental buys Elektrobit’s automotive division
May 19 Germany’s Continental AG has bought Elektrobit Oyj’s automotive division for 600 million euros ($677.5 million) to broaden its product range as demand for electronic components and software in cars grows.
Continental said on Tuesday the board of directors at Elektrobit unanimously backed the transaction, which the auto parts and tyre maker expects to close in the third quarter.
The greater use of electronics and software in vehicles, and the ability of cars to connect to smartphones and other devices, is providing automakers, suppliers and technology firms with new business opportunities.
($1 = 0.8857 euros) (Reporting by Andreas Cremer; Editing by Maria Sheahan)