Sunday, October 24, 2021

Continental restructuring technology unit, shortens board

BERLIN – German car parts maker Continental announced plans for a restructuring that will combine business activities around connectivity, mobility and high-performance computers from early next year, it said on Thursday.

Its tire business and Contitech division focused on rubber technologies will become independent conglomerate regions, while its automotive technologies arm will split into five business segments, including smart mobility and a new focus on user experience, it said in a statement.

The restructuring is another step by Continental as it seeks to reorganize its business after closing its power-train unit Vitesco in mid-September.

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“Mobility of the future is sustainable, automated and connected,” Chief Executive Nicola Setzer said in a statement. “Thus we are making the most of the potential presented by our uniquely strong technology position in all these areas.”

As part of the restructuring, management board members Helmut Matschi and Frank Jourdain will step down for about three years before their contracts expire. This would limit Continental’s board to five members from January 1.

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This News Originally From – The Epoch Times

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