Continental AG, maker of tires and automotive components, is branching out into the automotive electronics business. The German company, known for its safety parts and electronic stability control systems, is planning on buying Motorola's auto electronics unit for a reported $1 billion. Antitrust approval is pending, but Continental expects to ink the deal by the end of second quarter.
Motorola's auto electronics unit took in $1.6 billion in revenue last year and employs around 4,500 workers.
[Source: Bloomberg]
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