Successful 1999 Year for ContiTech

The ContiTech division of Hanover-based Continental AG experienced the most successful business year of its history in 1999, according to the company.”The year 1999 marks a big step forward – in results, globalisation and concentration on core businesses”, was the way the year was summed up at a press conference by Manfred Wennemer, board member of Continental AG with responsibility for the ContiTech division and chairman of ContiTech Holding GmbH. In 1999 ContiTech increased its turnover to 1.

72 billion Euro (previous year: 1.70 billion Euro), a plus of 0.7 p.

c. This would have been about 2.5 p.

c. but for changes in the contributing units,some of which were sold. Turnover per employee amounted to 112,000 Euro, approximately four per cent higher than the 107,000 Euro of 1998.

In non-automotive sections the general economic situation led to some decline, but business with Europe’s car makers was approximately four per cent above the previous year’s level. The 1999 ContiTech turnover was made up about 64 p.c.

in the automotive sector and 36 p.c. outside it.

Operating profit (EBIT) also improved. The strong growth can be attributed, among other things, to a significant reduction in the extraordinary items and reserves for restructuring, which had depressed the 1998 result. On the contrary, the 1999 year saw one-off profits, especially from sales of individual segments.

Wennemer emphasised that these positive effects on the results were caused by ContiTech’s restructuring measures. Read more in NEUE REIFENZEITUNG 5/2000..