Mumbai, Feb. 28 -- Continental has announced the divestiture of Tikka Spikes Oy, a Finnish manufacturer of tyre studs, through a management buy-out.

The transaction involves the sale of all shares in Tikka Spikes Oy to a newly formed company, Tikka Industrial Oy, led by Juha Rautiainen, part of Tikka's current management team. The deal is expected to close on 1st March 2024, with all Tikka Spikes employees being retained by the new owners.

Tikka Spikes, headquartered in Lapua, Finland, is a leading global manufacturer of tyre studs, known for its focus on innovation and quality in developing studs for harsh winter driving conditions. The company has over 60 years of experience in the industry and employs around 50 people.

The financial...