Continental considering sale of Vitesco, Contitech

Continental considering sale of Vitesco, Contitech

German technology firm Continental AG plans to sell some of its automotive operations, including parts of powertrain arm Vitesco Technologies and rubber unit Contitech, CEO Elmar Degenhart told German daily Frankfurter Allgemeine Zeitung.

Degenhart was quoted as saying Continental’s management was already holding talks with parties potentially interested in some of the divisions. The company’s tyre business is not part of the divestment plan.

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 EUR1 billion by 2023.