TEHRAN - Germany’s Continental Automotive Group and Iranian auto parts manufacturer Crouse Company have signed an agreement to establish a joint venture in Iran.

According to Tasnim news agency, Continental, which is the world’s third biggest automotive replacement parts manufacturer, and Crouse founded a new company called “CCAC” after the agreement.

The new company’s initial capital is estimated at over €18 million of which the Iranian side owns 55 percent and the other 45 percent belongs to Continental.

EF/MA