FRANKFURT — German auto supplier 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 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 tire 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 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.
