Lakeville-based Hoosier Racing Tire Corp. has been acquired by South Carolina-based Continental Tire. While financial details were not disclosed, Hoosier Chief Executive Officer Joyce Newton says the acquisition will provide a stronger and more sustainable organization for the company.
Hoosier, which was founded in 1957, employs nearly 500 workers. Continental CEO Jochen Etzel says Hoosier’s management team will continue to run the racing tire business and Continental is "committed to the employees and the communities in which Hoosier operates."
Hoosier says the company will continue to operate out of its Lakeville and Plymouth locations.
"Hoosier’s management team has built an impressive business," said Etzel. "We believe Hoosier Tire is well-positioned to continue its strong growth, and we look forward to supporting that development through our complementary knowledge and extensive footprint."
Continental says the two companies have worked together over the past several years on various technical and motorsports projects. Nikolai Setzer, executive board member for Continental, says the acquisition will support the company’s growth strategy in the ultra high performance segment.