Continental Forms Tire Joint Venture In Russia.(Brief Article)

German tire-maker Continental AG and Russia's Moscow Tire Plant created a joint venture, daily newspaper Kommersant reported. The venture will start producing 1.5 million tires a year from the Fall of 2003, and raise output to 3.4 million a year in 2006, the report said.

Continental plans to invest $29.5 million in the new equipment at the Moscow plant, the report said. Moscow Tire Plant, 51 percent-owned by the Moscow City government, currently has a capacity to produce 2.4 million tires a year.

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