The name of German tire maker Continental is pictured on a wheel at the IAA truck show in Hanover, September 22, 2016.
REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsCompanies Continental AG FollowContiTech AG FollowBERLIN, Aug 21 (Reuters) - German auto parts supplier Continental (CONG.DE) is considering the sale of the car division bundled within ContiTech, manager magazin reported on Monday, citing company sources.
Supervisory board chairman Wolfgang Reitzle and the executive board around chief executive Nikolai Setzer are considering a reorganization of the corporation, the business publication added, citing the sources.
As part of the reorganization, ContiTech's car division, which specializes in belts and sealing systems, will be put up for sale first, said the report.
Philip Nelles, who is in charge of the ContiTech division, told Reuters in February that the company's activities in the car sector would be bundled into their own unit with a stronger focus on electromobility.
Persons:
Fabian Bimmer, Wolfgang Reitzle, Nikolai Setzer, Philip Nelles, Victoria Waldersee, Miranda Murray, Rachel More
Organizations:
IAA, REUTERS, Continental, BERLIN, Reuters, Thomson
Locations:
Hanover