UK Markets closed

Continental to sell parts of Vitesco, Contitech- paper

·1-min read
FILE PHOTO: The logo of Continental is pictured on a rim in Hanover
FILE PHOTO: The logo of Continental is pictured on a rim in Hanover

FRANKFURT (Reuters) - German car parts maker Continental <CONG.DE> plans to sell some of its automotive operations, including parts of powertrain arm Vitesco Technologies and rubber unit Contitech, Chief Executive 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 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 1 billion euros (924 million pounds) in 2023.

(Reporting by Arno Schuetze; Editing by Mark Potter)