According to a media report, the automotive supplier Continental is preparing for the next major conversion after the drive division has been spun off. The head of the supervisory board, Wolfgang Reitzle, and the chairman of the board, Nikolai Setzer, are working on a reorganization manager magazine on Monday, citing business circles. The Dax Group consists of the three business areas Automotive, Tires and Contitech. The automotive supply business with products such as belts and sealing systems, which is still part of Contitech, is to be sold. The company from Hanover explained that there are concepts for this and added that Contitech is accelerating its transformation because of the rapid change in the automotive industry. In the next two years, the car division of Contitech, which achieves sales of more than two billion euros, is to be separated, the magazine reported. In the automotive division, too, the management wants to split off and sell parts or bring them into alliances with other companies.
A spokesman for the Dax group said that Continental is focusing its business activities as announced in 2020. The business with electric and conventional drives was bundled in the newly created company Vitesco. It went public two years ago.