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Continental's Passenger and Light Truck Tire Division Expands its Position in Scandinavia and Russia

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HANOVER - September 4, 2008: Continental AG, Hanover, is set to acquire all shares of Finnish spikes manufacturer TIKKA Spikes Oy, subject to the approval of antitrust authorities. The respective agreement with TIKKA Group Oy, which operates in Tikkakoski, Jyväskylä Rural Municipality, and in Espoo, Finland, was signed on June 18, 2008.

The agreement also includes TIKKA Group’s subsidiary OOO TIKKA which is based in St. Petersburg, Russia. The two parties agreed not to disclose the details of the agreement.

”The deal will strengthen Continental’s winter tire business as well as its position in Scandinavia and Russia. It is our intention that cooperation with other tire manufacturers will continue via TIKKA Spikes”, stated Lothar Salokat, Director of Continental’s Korbach plant in Germany. In 2007 TIKKA Spikes OY, Finland and OOO Tikka, Russia, had 120 employees and posted sales of approx. €15 million.