Hannover, Germany--Following the official release of a profit-and-loss agreement between ContiTech AG and Phoenix AG, Contitech can now begin integrating the Phoenix operations with its own. According to a statement from Conti, "The control and profit and loss transfer agreement between ContiTech AG as controlling enterprise and Phoenix AG as dependent enterprise was entered into the commercial register as of March 9, 2005. The agreement, approved at an extraordinary meeting of Phoenix AG shareholders on December 28, 2004, can thus go into effect.
Continental Executive Board chairman, Manfred Wennemer said â€œThis decisive step further clarifies the situation - also for the employees of the two companies. With the integration we can realize the synergies already announced. The company's long-term competitiveness and development potential is assured.â€
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Press release from Continental AG