Spin-off of powertrain business could be approved at Annual Shareholders’ Meeting at the end of April 2020; plans for partial IPO will no longer be pursued
In the meeting of its Executive Board, Continental has decided to fully spin-off its powertrain business Vitesco Technologies (powertrain division) with a subsequent listing on the cards. The company has plans of taking an offensive to tackle and accelerate the trend towards powertrain electrification.
With unpredictable conditions for a potential partial IPO in 2020, Continental will no longer persue the preparation of the IPO of its powertrain operations that was a consideration previously. Subject to approval of the Supervisory Board of Continental AG, the spin-off for Vitseco Technologies will be submitted for a decision by the Annual Shareholders’ meeting in April 30, 2020. If the decision is favourable, then the implementation will be executed within the same year.
The company’s goal is to offer clean and sustainable mobility. The vision is to make the heart of every vehicle electric. With the approval of the Supervisory Board, the path forward will be clearer and focussed on the future. Vitseco Technologies is already a pioneer in electric electrification and is prepared to capitalise on the transition from combustion drives to electric mobility.