Auto supplier Continental on Monday said it would prepare a spin-off of its Powe...
FILE PHOTO: Logo of Continental is seen before the annual news conference in Hanover, Germany March 2, 2017. REUTERS/Fabian Bimmer
Continental wanted to list its Powertrain division in summer 2019, but in April the Hanover, Germany-based company reported a sharp drop in profits and pushed back plans for a stock market listing, blaming a downturn in auto production. “The Executive Board of Continental AG has decided to consider a spin-off of up to 100% of the Powertrain division with subsequent listing as an additional alternative to the potential partial IPO,” the company said in a statement.
The auto markets have shown little sign of recovery, with sales in China - the world’s largest car market - showing no indications of improvement, hitting the profits and share prices of a raft of car manufacturers and suppliers.
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