Continental AG , commonly known as Continental , is Germany's leading automotive manufacturing company specializing in tires, brake systems, interior electronics, automotive security, powertrain and chassis components, tachographs, and other parts for the automotive and transportation industries. Continental based in Hanover, Lower Saxony, Germany. Continental is the fourth largest tire manufacturer in the world. Continental was founded in 1871 as a rubber producer, Continental-Caoutchouc und Gutta-Percha Compagnie . After acquiring VDO Siemens AG's automotive unit in 2007 Continental ranks third in global OEM auto parts sales in 2012 according to a study sponsored by PricewaterhouseCoopers.
In 2008, Continental seemed overextended with VDO integration and has since lost nearly half of its market capitalization when it finds itself into a takeover target from family owned Schaeffler AG. In 2009, Schaeffler managed to install the head of his motor division at the helm of Continental.
On September 6, 2012, Continental returned to the benchmark DAX index of 30 German blue chip chip stocks selected after 45 months of absence. Schaeffler AG is the controlling shareholder and currently owns 46% of Continental shares.
Video Continental AG
Ikhtisar
Continental structured in five divisions:
- Chassis and Security
- Powertrain
- Interior
- Ban
- ContiTech
One of the key areas of Continental technology expertise and leadership is the reduction of fuel consumption, achieved through more efficient fuel injection systems, reduced anti-rolling tires, and hybrid propulsion systems.
Continental sells tires for cars, motorcycles, and bicycles worldwide under the Continental brand. It also manufactures and commercializes other brands at the regional level, such as General (US/Canada), Gislaved (Canada, Spain, Nordic Market), Semperit (industrial applications), Euzkadi (Mexico/Latin America) and Barum to serve EU & ; ; Russia. Continental customers include all major car, truck and bus manufacturers, such as Volkswagen, Daimler AG, Ford, Volvo, Iveco, Schmitz, Koegel, Freightliner Trucks, BMW, General Motors, Toyota, Honda, Renault, PSA and Porsche.
In 2001, Continental acquired a controlling stake in Temic, DaimlerChrysler's automotive electronics business, which is now part of Continental Automotive Systems. The company also purchased German rubber and plastics automotive company Phoenix AG in 2004, and Motorola's automotive electronics unit in 2006. Continental acquired Siemens VDO from Siemens AG in 2007.
In Argentina, working with FATE in 1999 to produce tires for cars, trucks and buses and exported San Fernando factory production throughout South America. In 2007, the company began building a plant in Costa Rica to produce powertrain components for North America. The factory was opened in two stages and eventually employed 550 workers.
Continental also produces wheels for mountain bikes and constantly provides grippy rubber soles for Adidas running shoes such as Ultra Boost.
Maps Continental AG
Interior Division
The Interior Division is organized under the following five business units:
- Contents & amp; Security
- Commercial & amp; After-sale
- Infotainment & amp; Connectivity
- Intelligent Transport System
- Instrumentation & amp; HMI Driver
Body & amp; Security leads the development of Electronic Vehicle Control Systems and Cabins, with Research and Development Locations in Germany, Singapore, India, Mexico, USA, and China as well as in many other locations around the world, enabling global reach to virtually every market. region.
Schaeffler's takeover bid
When Continental decided to buy the brake and chassis industry of ITT Industries for $ 1.93 billion in 1998, the head of ITT's brake division, Juergen M. Geissinger, was hired as CEO of the family-owned bearings and auto parts manufacturer Schaeffler Group.
Ten years later, Geissinger returned to Continental with his mother and son-Maria Elisabeth and Georg Schaeffler and a consortium of banks, to buy control of the company. Continental seems to have overextended itself with the acquisition of Siemens VDO unit in 2007 for EUR11.4 billion and has lost nearly half of its market capitalization since.
In August 2008 and after a protracted stalemate, Continental agreed to be taken over by Schaeffler Group in a deal valuing the company about EUR12 billion. Schaeffler in return agreed to limit his position to less than 50% for a period of four years and support Continental's ongoing strategy. This arrangement is overseen by former German Chancellor Gerhard Schroeder At Continental 2013 annual shareholder meeting Schaeffler notices that it will terminate a joint investment agreement with Continental in May 2014. Continental CEO Elmar Degenhart commented, "Notice of termination of the investment agreement is understandable from Schaeffler's point of view, we are confident that both companies will continue to work very well and goal-oriented in the future. "Continental CEO Manfred Wennemer, who opposed Schaeffler's offer, resigned and was replaced by Karl-Thomas Neumann on September 1, 2008. Less than a year later, Schaeffler's CEO Juergen Geissinger managed to install his longtime believer (and former leader and then head of ITT Teves/Continental Brake and Chassis Division) Elmar Degenhart, head of the automotive division, as new chief executive of Continental, n Neumann.
Continental Ban the Americas, LLC
Continental Tire entered the North American tire industry with General Ban's purchase in 1987 from GenCorp, forming Continental General Tire Corp. At that time, Continental followed other tire manufacturers, such as Bridgestone and Michelin, into the American tire market.
The headquarters for the North and South America tire division are located in Fort Mill, South Carolina. The headquarters of the North American CAS division is located in Auburn Hills, Michigan, just east of the Great Lakes Crossing mall.
The company announced that effective January 1, 2006, will implement major cuts on health care for pensioners across the country. After a class action lawsuit, the company and union of United Steelworkers, representing the pensioners, agreed to a settlement in which the company would continue to finance the benefits. Later that year, announced it would halt tire production in Charlotte, North Carolina. and will close its tire production plant in Mayfield, Kentucky.
In 2011, CTA announced that it will build a plant in Sumter, South Carolina. The plant will cost about $ 500 million and employ 1,600 workers by 2020.
In February 2016, CTA announced that it will build a Commercial Tire plant in Clinton, Mississippi, with an investment of approximately $ 1.4 billion and employ 2,500 people when the plant reaches full capacity in the next decade.
In October 2016, CTA bought Hoosier Racing Tire.
Automotive electrical energy storage system
Continental is one of the companies offering to work with GM to provide batteries for Chevrolet Volt long distance electric vehicles (E-REV). This is the prime contractor for systems that use lithium-ion batteries from A123Systems. GM even signed a contract to assemble the package with cells purchased from Compact Power.
Automotive PACE Awards
In April 2016, Continental AG along with Honda Corporation of America received an award from the 2016 Automotive News PACE Innovation Partnership Award for the Long Term Long Term Communication System (BLRC), developed by Body and Security Team in the Interior Division. Radio Frequency Device, helps car users to operate remote control locks of more than half a kilometer, to turn on the engine and climate control functions, while receiving feedback from vehicles (such as locked/unlocked). The Radio Frequency System, powered by a single standard coin cell, and vehicle-mounted RF transceivers, jointly developed by Honda and Continental, are imported on the Acura MDX in 2013 and quickly followed by Acura TLX and Acura RLX in 2014. 2015, Continental AG was awarded with two PACE Awards for Bare Die High-Density-Interconnect (BD-HDI) Substrate Technology for Printed Circuit Board for Electronic Transmission and Multi-application Unified Sensor Element (MUSE)
Executive management
Chief executive officer
- 1973-1982: Carl Hahn
- 1991-1999: Hubertus von GrÃÆ'¼nberg
- 2001-2008: Manfred Wennemer
- 2008-2009: Karl-Thomas Neumann
- 2009-present: Elmar Degenhart
Chairman of the board
- unknown-1989: Alfred Herrhausen
- 1999-2009: Hubertus von GrÃÆ'¼nberg
- 2009-2009: Rolf Koerfer (March 6 - September 28)
- 2009-present: Wolfgang Reitzle
Supervisory board
- Werner Bischoff *
- Michael Deister
- Gunter Dunkel
- Hans Fischl *
- Juergen M. Geissinger
- Hans-Olaf Henkel
- Michael Iglhaut *
- JÃÆ'¶rg KÃÆ'¶hlinger *
- Klaus Mangold
- Hartmut Meine *
- Dirk Nordmann *
- Artur Ottoo
- Wolfgang Reitzle (Chair)
- Klaus Rosenfeld
- Georg F. W. Schaeffler
- Maria-Elisabeth Schaeffler
- JÃÆ'¶rg SchÃÆ'¶nfelder *
- Bernd W. Voss
- Siegfried Wolf
- Erwin WÃÆ'¶rle *
'*' indicates employment representation
Acquisition of Veyance Technologies Inc.
The German branch of Continental AG has acquired Fairlawn, Ohio-based rubber company, Veyance Technologies Inc. Veyance will be integrated into the company's ContiTech division, and will serve as a regional home office for ContiTech in North America.
The Council of Brazil's anti-trust authority for Defense Economy, or CADE, made it official on January 29, 2015, described in a press release on the 30th, of the company. The total transition is $ 1.6 billion. The company will release Veyance's NAFTA springs business in Mexico and its umbilical cord business in Brazil in response to some of the concerns raised by antitrust authorities, the release said, employing about 600 people working in the operation.
See also
- Continental Automotive System - one of six divisions
References
External links
- Official website
Source of the article : Wikipedia
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