FRANKFURT (Reuters) – German auto parts supplier Continental is considering whether it is the most suitable owner for its ContiTech unit, CEO Nikolai Setzer said in an interview with Germany’s Welt Am Sonntag newspaper.
“The ContiTech business is being developed independently and we are examining whether we are still the best owner for it,” Setzer said, adding that the review is not yet complete.
ContiTech manufactures products, systems and intelligent components made of rubber, plastic, metal and fabric which are used in machine and plant engineering, mining, agriculture and the automotive industry, according to its website.
German’s manager magazin reported in August that Continental is considering the sale of the car division currently bundled within ContiTech, as part of a wider reorganisation.
The company said in February it was reorganising ContiTech from six divisions into one in each of Europe, the Americas and Asia Pacific, while bundling its car activities into a separate unit geared towards electromobility.
(Reporting by Emma-Victoria Farr, editing by Kirsten Donovan)
