Continental considers sale of ContiTech auto unit amid broader reorganization, document says

BE desk

The corporate mentioned in February it was once reorganizing ContiTech from six sections into one in each and every of Europe, the Americas and Asia Pacific, era bundling its automobile actions right into a detached unit geared in opposition to electromobility.

Consistent with Supervisor Magazin, that unit — specialised in belts and sealing programs with income of greater than 2 billion euros ($2.2 billion) — is because of be separated from the industry inside of two years. It might be offered, crack up additional or merged with any other corporate, the e-newsletter reported.

The extremely successful tires industry and non-automotive a part of ContiTech can be retained because the time core, it mentioned, quoting an unnamed govern supervisor who warned of the ultimatum of a group of workers rift if the tires industry persevered financing the vehicles industry.

Continental declined to remark at the document.

The corporate mentioned in Would possibly that ContiTech can be realigned with the try of bettering its have an effect on and potency, with out offering additional main points.

Continental ranks Deny. 9 at the Car Information listing of the govern 100 world providers with international gross sales to automakers of $25.4 billion in 2022.

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