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Afteryears of cooperation in manufacturing automotive parts, Irans Crouse andGermanys Continental signed a joint venture agreement to expand theiractivities in the Iranian market. Continental is a tier 1 automotive partssupplier and the third largest company in the automotive parts industry byrevenue. Crouse and Continental have experienced years of cooperation formanufacturing engine parts. Crouse had long been interested in strengtheningthe business relationship between the two companies, and following the JCPOAnuclear deal which effectively removes all sanctions, both companies agreed ona joint venture company for manufacturing ECU and ETC and other powertrainsolutions in Iran. Crouse owns 55% of the newly formed company.