Continental restructures technology unit, downsizes board – Reuters

A self-driving car of German company Continental is pictured in Hanover, Germany April 25, 2018. REUTERS/Fabian Bimmer

BERLIN, Sept 30 (Reuters) – German car parts maker Continental (CONG.DE) announced plans for a restructuring that will combine from the start of next year business activities around connectivity, mobility, and high-performance computers, it said on Thursday.

Its tires business and the ContiTech division, focused on rubber technologies, will become independent group sectors, while its Automotive Technologies branch will split into five business areas including a new focus on smart mobility and user experience, a statement said.

The restructuring is a further step by Continental to reorganise its business after spinning off its powertrain unit Vitesco (VTSCn.DE) in mid-September. read more

“Mobility of the future is sustainable, automated and connected,” Chief Executive Nicola Setzer said in a statement. “We are thus making the most of the potential presented by our unique strong technology position in all of these fields.”

As part of the restructuring, management board members Helmut Matschi and Frank Jourdan will step down, nearly three years before the end of their contracts. That will shrink Continental’s board to five members from Jan. 1.

Reporting by Victoria Waldersee; Editing by Maria Sheahan

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