Continental AG


Continental AG
Continental AG
Type Aktiengesellschaft
Traded as FWBCON, OTCBB: CTTAY
Industry Automotive, manufacturing
Founded 1871
Headquarters Hanover, Germany
Key people Elmar Degenhart (CEO and Chairman of the executive board), Wolfgang Reitzle (Chairman of the supervisory board)
Products Tires, brake systems, automotive safety and communications systems
Revenue 26.05 billion (2010)[1]
Operating income €1.935 billion (2010)[1]
Profit €576.0 million (2010)[1]
Total assets €24.39 billion (end 2010)[1]
Total equity €6.203 billion (end 2010)[1]
Employees 148,230 (end 2010)[1]
Website www.conti-online.com

Continental AG, internally often called Conti for short, is a worldwide leading German manufacturer of tires, brake systems, vehicle stability control systems, engine injection systems, tachographs and other parts for the automotive and transport industries. The company is based in Hanover, Germany. It is the world's 4th largest tire manufacturer after Bridgestone, Michelin and Goodyear.[2] It was founded in 1871 as a rubber manufacturer, Continental-Caoutchouc und Gutta-Percha Compagnie.[3] After acquiring Siemens VDO, it has become one of the top 5 automotive suppliers in the world.[4]

Contents

Overview

Continental is structured in six divisions:

  • Chassis & Safety
  • Powertrain
  • Interior
  • Passenger car & Light Truck Tires
  • Commercial Vehicle Tires
  • ContiTech

One of Continental's main areas of expertise and technological leadership is Fuel Consumption Reduction, achieved through more efficient fuel injection systems, reduced rolling resistance tires and hybrid propulsion systems.

Continental sells tires for automobiles, motorcycles, and bicycles worldwide under the Continental brand. It also produces and commercializes other brands on a regional level, such as General, Euzkadi, or Barum. Continental's customers include all major automobile, truck and bus producers, such as Volkswagen, Daimler AG, Ford, Volvo, Iveco, Schmitz, Koegel, Freightliner Trucks, BMW, General Motors, Toyota, Honda, Renault and Porsche[citation needed].

Continental AG global locations.

In 2001, Continental acquired a controlling interest in Temic, DaimlerChrysler's automotive-electronics business, which is now part of Continental Automotive Systems. The company also purchased German automotive rubber and plastics company Phoenix AG in 2004, and the automotive electronics unit of Motorola in 2006.[5] Continental recently acquired Siemens VDO from Siemens AG.[6]

In Argentina, since 1999, has teamed up with FATE for the production of tires for cars, trucks and buses [7] and exports to the rest of South America the production of the San Fernando plant.[8]

It recently started the construction of a plant in Costa Rica.

Takeover offer

In August 2008 Continental agreed to be taken over by the family-owned auto parts manufacturer Schaeffler Group and a consortium of banks in a deal valuing the company at €12 billion. Schaeffler has however pledged to restrict its stake in the company to less than 50% for at least four years.[9] Continental chief executive officer Manfred Wennemer, who had tried to preserve the independence of the company, in contrast to the chairman of the supervisory board, Hubertus von Grünberg, subsequently announced his resignation, stating that the "sneaky" move had been carried out "egotistically, high-handedly and irresponsibly".[9] Dr. Karl-Thomas Neumann has succeeded Manfred Wennemer as chief executive officer of Continental on September 1, 2008.

Continental Tire the Americas, LLC

Continental Tire entered the North American Tire industry with its 1987 purchase of General Tire, forming Continental Tire of North America (CTNA).[10] At the time, Continental was following other tire manufacturers, such as Bridgestone and Michelin, into the American tire market.

The North American headquarters of the tire divisions are located in Lancaster County, South Carolina. The North American headquarters of the CAS division are located in Auburn Hills, Michigan, directly South of the Great Lakes Crossing mall.

In 2006, CTNA closed its tire production plant in Mayfield, Kentucky,[11] and announced the cessation of tire production in Charlotte, North Carolina.[12] The same year, the Company announced that effective January 1, 2006 it would be implementing massive cuts on retiree health care for retirees across the country.[13]

Automotive electrical-energy storage systems

  • Continental was one of the companies bidding to work with GM to provide the battery pack for the Chevrolet Volt extended-range electric vehicle (E-REV).[14] They are the primary contractor for a system utilizing Lithium-ion batteries from A123Systems. They did not prevail in their bid and GM will assemble packs with cells purchased from Compact Power.[15]

See also

Factory 1b.svg Companies portal

References

  1. ^ a b c d e f "Annual Report 2010" (PDF). Continental. http://www.conti-online.com/generator/www/com/en/continental/portal/themes/ir/financial_reports/01_reports/download/annual_report_2010_en.pdf. Retrieved 1 April 2011. 
  2. ^ "The History of General Tire from 1915 up to now". http://www.conti-online.com/generator/www/com/en/generaltire/automobile/themes/history/ctwl_history_en.html. 
  3. ^ "Continental Corporation - History 1871 - 1926". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1871_1921_en.html. 
  4. ^ "Continental Global Site - Passenger Cars". http://www.conti-online.com/generator/www/start/pkw_en.html. 
  5. ^ "Continental Corporation - History 1995 - 2007". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1997_2006_en.html. 
  6. ^ "Continental AG and Siemens VDO Automotive AG join together to form automotive supplier at forefront of global market". http://www.conti-online.com/generator/www/de/en/cas/cas/themes/press_service/hidden/press_releases/company/economy_slash_business/acquisitions/pr_2007_07_25_siemens_vdo/pr_2007_07_25_siemens_vdo_en.html. Retrieved 2007-08-01. [dead link]
  7. ^ http://www.lanacion.com.ar/105917-fate-se-asocio-a-continental
  8. ^ http://blogdelasmarcas.blogspot.com/2007/10/historia-de-fate.html
  9. ^ a b Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph (London). http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/22/cnball122.xml. Retrieved 2008-08-25. 
  10. ^ "Continental Corporation - History 1971 - 1995". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1971_1995_en.html. 
  11. ^ "Continental Tire to close Kentucky plant". 2006-08-02. http://charlotte.bizjournals.com/charlotte/stories/2006/07/31/daily31.html. 
  12. ^ Fuchs, Roberta (2006-03-10). "Continental may halt production, lay off 478". http://charlotte.bizjournals.com/charlotte/stories/2006/03/06/daily39.html. 
  13. ^ USW: Continental Retirees
  14. ^ Keegan, Matt (2008-09-26). "Continental Prepared To Build 15K Lithium-Ion Packs Annually". http://thearticlewriter.com/autowriter/continental-prepared-to-build-15k-lithium-ion-packs-annually/. Retrieved 2008-09-26. 
  15. ^ Park, Tracy (2009-01-12). "LG Chem Battery Cells to Power Chevrolet Volt". Compact Power. http://www.compactpower.com/Documents/MicrosoftWord-LG_Chem_pressrelease_finalon20080110.pdf. Retrieved 2010-10-01. 

External links


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