German tire and car parts maker Continental unveiled Friday, March 9, an alliance with the Iranian firm Toklan Toos, the biggest supplier of brakes in the Middle East.
Under the terms of an agreement signed Friday, the Iranian group would produce and market ABS electronic brake systems in Iran under license for the German company, Continental said in a statement.
Initially, Toklan Toos would supply ABS brake systems to Iran Khodro, Iran's biggest carmaker, which is licensed to build Peugeot cars, the statement said.
Iran Khodro holds a 30-percent stake in Toklan Toos and last year built a total of 235,000 cars in Iran, giving it a domestic market share of 65 percent. .— (AFP, Hanover)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)