Conti's annual results hit by high NR prices

ERJ staff report (DS)

Hannover, Germany -- Continental Corp said it was hit by extra costs of euro 480 million during 2010, due to price increases in natural rubber. "On the wings of better-than-expected business in the last three months of the year, we realized sales of over €25.5 billion in 2010. And despite an additional year-on-year cost burden in the Rubber Group of approximately €480 million due to the fact that raw material prices were at a record high in 2010, the adjusted* EBIT margin of the Corporation for the whole year 2010 will work out to around 9.5 percent," said Dr. Elmar Degenhart, chairman of the Executive Board of the international automotive supplier, at the North American International Auto Show in Detroit, U.S, earlier today (Tuesday).

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Press release from Continental