Continental considers selling its ContiTech unit, says CEO Setzer
A man walks by the logo of German company Continental, one of the world’s largest automotive suppliers, at its new plant in Aguascalientes, Mexico on March 4, 2021. According to CEO Nikolai Setzer, Continental is considering whether it is the most suitable owner for its ContiTech unit. Setzer mentioned in an interview with Germany’s Welt Am Sonntag newspaper that the review is still ongoing. ContiTech is responsible for manufacturing products, systems, and intelligent components used in various industries, including machine and plant engineering, mining, agriculture, and automotive.
Continental’s ContiTech unit has recently undergone reorganization, with its car division being bundled separately to focus on electromobility. However, reports from German’s manager magazin indicate that Continental is exploring the possibility of selling the car division as part of a wider restructuring.
Continental, a German auto parts supplier, is evaluating whether it remains the best owner for ContiTech. The final decision is yet to be determined, and the company is carefully reviewing the situation.
Emma-Victoria Farr and Kirsten Donovan contributed to this report.
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