8 Oct 2020
German group negotiating with potential buyers as part of 10-year austerity programme
Hanover, Germany – Continental AG is considering the sale of parts of the German group, including some of its automotive operations, according to CEO Elmar Degenhart.
The move is part of Conti’s savings programme and will include parts of powertrain arm Vitesco Technologies, Degenhart told the Frankfurter Allgemeine Zeitung 7 Oct.
"Even in the Contitech industrial division, we do not rule out such steps," said the CEO, adding that the tire business is not part of the talks with potential interested parties.
According to Degenhart, the potential sales could account for about 10% of the 30,000 jobs, which will be affected by the group's 10-year austerity programme.
Continental’s stock value temporarily rose about 1% to more than €100 on 7 Oct, but shares were down 0.44% €99.14 later in the day.
The group’s stock has not yet fully recovered from the Covid-19 crash, with the bottom line significantly lower compared to €117 per share in January.
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