Continental delays Vitesco spin-off
On 1 May Continental AG said it will delay spin-off of its powertrain business Vitesco Technologies. Rather than executing that plan in July, as had been planned, the automotive supplier said it will pursue the listing of its powertrain subsidiary business when market conditions improve.
Continental CEO Elmar Degenhart commented: “We are continuing to rigorously pursue our plans for the spin-off. This is undoubtedly the right step, which we are committed to completing together, as soon as the market environment has improved noticeably and has become more predictable than it is at present.”