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October 06, 2020 01:24 PM

Continental in talks to sell parts of Vitesco and ContiTech, paper says

Reuters
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    FRANKFURT -- Continental plans to sell some of its automotive operations, including parts of powertrain arm Vitesco Technologies and rubber unit ContiTech, CEO Elmar Degenhart told a German business paper.

    Continental's management was already holding talks with parties potentially interested in some of the divisions, Degenhart was quoted as saying in an interview with the Frankfurter Allgemeine Zeitung. The company's tire business is not part of the divestment plan, he said.

    In April, Continental postponed the planned listing of Vitesco, citing economic uncertainty.

    Degenhart said last month that the supplier aims to reduce costs by at least 1 billion euros ($1.2 billion) a year in a deeper restructuring as the coronavirus adds to pressure on the auto industry.

    The supplier does not expect the global market to return to the 2017 level until the middle of the decade.

    Continental is restructuring in the direction of electronics, sensor technology, e-mobility and software.

    The asset sales are part of a restructuring at Continental, which in September announced 30,000 job cuts and a target of annual savings of more than 1 billion euros ($1.2 billion) in 2023.

    Continental ranks No. 4 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $35.3 billion during its 2019 fiscal year.

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