Continental announces merger of tire business division
Continental AG, a German auto parts supplier, announced that the company has decided to merge its passenger car and light truck tire business unit with the commercial vehicle tire business unit into a tire business unit as of August 1, 2011. , led by Nikolai Setzer, 40 years old.
Since he took office as a member of the Executive Committee of the Continental Group in August 2009, Nikolai Zetz has been responsible for the work of the tire business unit for passenger cars and light trucks. It is understood that Hans-Joachim Nikolin, formerly responsible for the work of the company's commercial vehicle tire business unit, will retire on July 31, 2011.
The Continental Group pointed out that the commercial vehicle tire business unit in 2010 had operating revenue of approximately 1.351 billion euros (approximately 1.98 billion U.S. dollars), EBITDA of 50 million euros (profit margin of 3.5%), and approximately 7,100 employees. , is the smallest of Continental's six business units. The company's passenger car and light truck tires business in 2010 had a turnover of 5.804 billion euros, more than 28,000 employees, and a pre-tax profit of 993 million euros (a profit margin of 17.1%). In 2010, the two tire business units had a total operating income of 7.155 billion euros. If they are merged, they will become the Group's largest business unit. Last year, the adjusted EBIT margins of the company's commercial vehicle tire business unit and passenger car and light truck tire business units were 6.1% and 17.9%, respectively.
In the first quarter of 2011, the company’s passenger and light truck tires business revenue was 1.576 billion euros (around 1.28 billion euros in the same period in 2010), and EBITDA was 274 million euros from the same period last year The (profit rate of 21.4%) rose to approximately 314 million euros (a profit rate of 19.9%). At the same time, the EBIT of this sector rose from about 215 million euros (16.7% profit margin) in the same period of last year to about 252 million euros (15.9% profit margin). The company’s commercial vehicle tire business unit reported operating income of approximately 402 million euros for the quarter (approximately 267 million euros for the same period in 2010), and EBITDA for the same period last year was US$25.9 million (a profit margin of 9.2%). It rose to US$42.6 million (profit rate was 10.1%) and EBIT was from US$5.9 million (profit rate of 2.1%).
The passenger car and light truck tire business units are engaged in production activities at 27 production sites in 16 countries around the world. The business unit currently has five business units, namely supporting business units, replacement business units for Europe, the Middle East and Africa, and the Americas replacement business unit. , Asia Pacific replacement business unit and two-wheeled tire units. The Commercial Vehicle Tire Business Unit is engaged in production activities at 15 production sites in 10 countries around the world. The business unit currently consists of 4 business units, ie Truck Tire Replacement Business Units in Europe, Middle East and Africa, Truck Tire Replacement Business Units in the Americas, Asia-Pacific Trucks Tire replacement business unit and industrial tire unit.
According to Elmar Degenhart, Chairman of the Continental Group Executive Committee, “The tire business is the core competitiveness of the Continental Group. The passenger car and light truck tire business unit and the commercial vehicle tire business unit of this business are Increasingly, we face similar challenges, so they increasingly need to be closely integrated. Our goal is to achieve rapid growth and profitability globally, especially in emerging markets. By merging these two sectors into one Tire business unit, we are gathering strength. In addition, we will work hard to make the company's business structure more balanced."
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