Continental restructures its technology unit and cuts its workforce
BERLIN, September 30 (Reuters) – German auto parts maker Continental (CONG.DE) has announced restructuring plans that will combine business activities around connectivity, mobility and high-performance computers, he said Thursday.
Its tires business and the ContiTech division, focused on rubber technologies, will become independent sectors of the group, while its Automotive Technologies branch will split into five business areas, including a new focus on intelligent mobility and user experience. , according to a statement.
The restructuring is a further step by Continental to reorganize its activities after the split of its Vitesco transmission unit (VTSCn.DE) in mid-September. Read more
“The mobility of the future is sustainable, automated and connected,” said Managing Director Nicola Setzer in a statement. “We are thus making the most of the potential presented by our unique and strong technological position in all these areas. “
As part of the restructuring, the members of the management board Helmut Matschi and Frank Jourdan will step down, almost three years before the end of their contracts. This will reduce Continental’s board of directors to five members from January 1.
Reporting by Victoria Waldersee; Editing by Maria Sheahan
Our Standards: Thomson Reuters Trust Principles.