Continental AG and Qingdao Doublestar plan joint venture

Automotive parts supplier Continental AG and Chinese tire maker Qingdao Doublestar have signed a memorandum of understanding to found a joint venture in spring 2005. Continental intends to hold a majority interest in the envisioned “Continental Doublestar Co. Ltd.” Under plans announced last month, the two companies would expand tire production at the Qingdao location and construct a new plant for passenger and light truck tires.