Continental AG: Continental AG Executive Board decides to exclusively pursue the spin-off of 100% of Vitesco Technologies (currently the Powertrain division) with listing
October 22, 2019 at 07:20 am EDT
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DGAP-Ad-hoc: Continental AG / Key word(s): Letter of Intent
Continental AG: Continental AG Executive Board decides to exclusively pursue the spin-off of 100% of Vitesco Technologies (currently the Powertrain division) with listing
22-Oct-2019 / 13:17 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The Executive Board of Continental AG has decided to no longer pursue the preparation of a potential partial IPO of Vitesco Technologies (currently the Powertrain division). Instead the Company will exclusively pursue the spin-off of 100% of Vitesco Technologies with subsequent listing.
Subject to the approval by the Supervisory Board of Continental AG, the planned spin-off shall be submitted to the Annual General Meeting on April 30, 2020, for its approval.
Contact:
Person making the notification: Bernard Wang, Head of IR
22-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
Continental AG
Vahrenwalder Straße 9
30165 Hannover
Germany
Phone:
+49 (0)511 938-1068
Fax:
+49 (0)511 938-1080
E-mail:
ir@conti.de
Internet:
www.continental-corporation.com/de
ISIN:
DE0005439004
WKN:
543900
Indices:
DAX
Listed:
Regulated Market in Frankfurt (Prime Standard), Hamburg, Hanover, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Tradegate Exchange; Luxembourg Stock Exchange, SIX
Continental AG specializes in the design, manufacturing, and marketing of tires and automotive equipment. Net sales break down by family of products as follows:
- automotive systems (49%): basic brakes (No. 1 worldwide), electronic braking circuits (No. 2 worldwide), chassis components, control systems, etc.;
- tires (33.4%): automobile, motorcycle, light, industrial and farm trucks tires, etc.;
- technical elastomers (17.6%): products made of rubber (belts, tubing, and hoses), plastic materials for the automotive, railroad, mining, and similar industries.
Net sales are distributed geographically as follows: Germany (19.1%), Europe (29.4%), North America (26.6%), Asia (20.7%) and others (4.2%).
Continental AG: Continental AG Executive Board decides to exclusively pursue the spin-off of 100% of Vitesco Technologies (currently the Powertrain division) with listing
CONTINENTAL AG 
