Continental Group bought 32 hectares of land from UMT and Prompt groups of firms. The land covers most of the former industrial platform UMT in Timisoara.
According to ZF estimations, the value of transaction exceeds EUR60 million, considering an average price of EUR200 per square meter of land in the respective area. The acquisition of land in the area will help the company expand its capacity to store finished products and optimize its general logistics costs.
So far, the old industrial platforms in Romania were usually bought by real estate developers for the purpose of developing retail, office and residential projects.
During its 18-year activity in Timisoara, Continental has invested over EUR460 million in its tire factory and created over 2,500 jobs. To date, Continental Anvelope Timisoa¬ra has produced and delivered 200 million tires to customers across Europa and worldwide.
Continental, the biggest car parts producer in Romania, neared a total 20,000 employees and its turnover grew by at least 15% in 2017, to over EUR3 billion.