Continental Product Lines Now Include VDO and ATE
The VDO and ATE brands are now part of the Continental Corporation’s product portfolio. The addition of the VDO lines of electric motors, engine management, instrumentation, and door systems comes as part of the acquisition of Siemens VDO AG by Continental AG. The ATE lines of brake rotors, pads, and service parts had already been part of the Continental portfolio. Along with the VDO and ATE lines, Continental now offers a complete line of TPMS replacement parts under the Continental brand.
Continental AG to Cut More Jobs than Planned as Part of VDO Integration
From AFX News Limited HANOVER, Germany — Continental AG said it plans to cut more jobs than planned as part of the integration of its VDO unit and transfer part of its production to low-wage countries. A spokesman for the company said 1,500 to 2,000 jobs will be affected world-wide. The German tire and automotive
Continental AG plans to Cut 2,000 Jobs at Former Siemens Unit VDO
Continental AG plans to cut 2,000 jobs at its VDO automotive electronics unit, which it acquired from Siemens AG, Financial Times Deutschland reported, citing sources at Continental. The plans will partly allay concerns of the IG Metall trade union, which had feared that 7,000 jobs may be eliminated, the newspaper added.
Continental to Sell Part of Siemens VDO to Brose
HANOVER, Germany — Continental AG is selling part of its recent Siemens VDO acquisition to Brose, according to news reports from Europe. In the reported deal, Brose will acquire the VDO units electric motor devices business, which employs some 4,000 people. (Courtesy of Tire Review)
Continental Sees Synergies from VDO Takeover Above $250 Million a Year
Continental AG expects synergies from its takeover of Siemens AG’s VDO unit to exceed the previously announced $250 million per year from 2010, chief executive Manfred Wennemer said in an interview with Frankfurter Allgemeine Sonntagszeitung. He said Continental aims to improve VDO’s yield to 10 to 12 percent by 2010, up from 6 percent currently.
EU Commission Approves Continental’s Acquisition of Siemens VDO Automotive AG
Continental AG has received the EU Commission’s approval for the acquisition of Siemens VDO Automotive AG, without conditions. Antitrust authority approval had already been issued by the national offices responsible. This enables Continental to close the transaction in the beginning of December and transfer the purchase amount, €11.4 billion (approximately $16.8 billion) including tax benefits of around €1 billion (approx. $1.5 billion), to Siemens AG. The integration of Siemens VDO into the Continental Corp. will begin immediately after closing.
EU Extends Inquiry Deadline for Continental Buy of Siemens’ VDO
From AFX News Limited BRUSSELS — The European Commission said it has extended the deadline for its inquiry into Continental AG’s proposed $16 billion acquisition of Siemens AG’s automotive electronics unit, VDO, to Nov. 29. The original deadline was Nov. 15. The commission extends inquiries by 10 working days in cases where a national competition
Continental AG in Talks with Potential Buyers of Parts of VDO
From AFX News Limited FRANKFURT — Continental AG is in talks to spin off Electric Motor Drives, which is part of Siemens AG’s former VDO unit, management board member and human ressources head Heinz-Gerhard Wente Handelsblatt said. He said there is strong interest in the unit, which has 3,300 employees. He said Continental has started
EU Inquiry Deadline for Continental Buy of Siemens VDO is Nov. 15
From AFX News Limited BRUSSELS — The European Commission said its inquiry deadline for Continental AG’s proposed $16 billion acquisition of Siemens AG’s automotive electronics unit, VDO, is set for Nov. 15. No further details were disclosed. Copyright 2007 AFX News Limited. All Rights Reserved.
Continental Splits CAS Division to Integrate Siemens’ VDO
From AFX News Limited FRANKFURT — Continental AG has announced that it plans to split Continental Automotives Systems (CAS), its largest division, into three divisions in order to integrate the recently acquired Siemens AG VDO unit. After the restructuring, Continental plans to have six divisions including chassis and safety, powertrain and interior to complement the