Continental AG
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| Type | Aktiengesellschaft (FWB: CON, OTCBB: CTTAY) |
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| Founded | 1871 |
| Headquarters | Hanover, Germany |
| Key people | Karl-Thomas Neumann (CEO and Chairman of the executive board), Werner Bischoff (Interim chairman of the supervisory board) |
| Industry | Automotive, manufacturing |
| Products | Tires, brake systems, automotive safety and communications systems |
| Revenue | €16.62 billion (2007)[1] |
| Operating income | ▲ €1.676 billion (2007)[1] |
| Profit | ▲ €1.021 billion (2007)[1] |
| Employees | 146,496 (09/2008) [2] |
| Website | www.conti-online.com |
Continental AG (FWB: CON), internally often called Conti for short, is a worldwide leading 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.[3]. It was founded in 1871 as a rubber manufacturer, Continental-Caoutchouc und Gutta-Percha Compagnie[4]. After acquiring Siemens VDO, it has become one of the top 5 automotive supplier in the world[5].
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[edit] Overview
Continental is structured in six divisions:
- Chassis & Safety
- Powertrain
- Interior
- Passenger & 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 tyres and hybrid propulsion systems.
Continental sells tires 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].
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[6]. Continental recently acquired Siemens VDO from Siemens AG.[7]
It recently started the construction of a plant in Costa Rica.
[edit] 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.[8] 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".[8] Dr. Karl-Thomas Neumann has succeeded Manfred Wennemer as chief executive officer of Continental on September 1, 2008.
[edit] Continental Tire in North America
Continental Tire entered the North American Tire industry with its 1987 purchase of General Tire, forming Continental Tire of North America (CTNA)[9]. 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 relocating to Lancaster County, South Carolina by 2009. The North American headquarters of the CAS division are located in Auburn Hills, directly South of the Great Lakes Crossing Mega Mall.
In 2006, CTNA closed its tire production plant in Mayfield, Kentucky[10], and announced the cessation of tire production in Charlotte, North Carolina[11]. 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[12].
In response to the massive health care cuts, the United Steelworkers and several employees filed a class action lawsuit against the company. The company and the Steelworkers have reached a settlement in this case which has yet to be approved by the courts. [13]
[edit] Automotive electrical-energy storage systems
- Continental is working 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. Together they are one of only two teams remaining in the competition with GM.[15]
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[edit] See also
- Continental Automotive Systems -- one of six divisions
[edit] References
- ^ a b c "Annual Report 2007" (PDF). Continental. http://www.conti-online.com/generator/www/com/en/continental/portal/themes/ir/financial_reports/01_reports/download/annual_report_2007_full_en.pdf. Retrieved on 2008-08-25.
- ^ "Q3 Report 2007" (PDF). Continental. http://www.conti-online.com/generator/www/com/en/continental/portal/themes/ir/financial_reports/01_reports/download/q3_2008_en.pdf. Retrieved on 2008-12-30.
- ^ "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.
- ^ "Continental Corporation - History 1871 - 1926". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1871_1921_en.html.
- ^ "Continental Global Site - Passenger Cars". http://www.conti-online.com/generator/www/start/pkw_en.html.
- ^ "Continental Corporation - History 1995 - 2007". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1997_2006_en.html.
- ^ "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 on 2007-08-01.
- ^ a b Mason, Rowena (21 August 2008). "Schaeffler family buys out tyre giant Continental for €12bn". The Daily Telegraph. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/22/cnball122.xml. Retrieved on 2008-08-25.
- ^ "Continental Corporation - History 1971 - 1995". http://www.conti-online.com/generator/www/com/en/continental/portal/themes/continental/history/1971_1995_en.html.
- ^ Continental Tire to close Kentucky plant - Charlotte Business Journal:
- ^ Continental may halt production, lay off 478 - Charlotte Business Journal:
- ^ USW: Continental Retirees
- ^ Press release retrieved on April 18, 2008 at http://www.usw.org/usw/program/content/4594.php].
- ^ 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 on 2008-09-26.
- ^ Voelcker, John (2008-08). "Battery Czar". IEEE Spectrum. pp. 32-37.
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