Continental AG
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| Continental AG | |
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| Type | Public (OTCBB: CTTAY) |
| Founded | 1871 |
| Headquarters |  Hannover, Germany World HQ |
| Key people | Manfred Wennemer, Chairman |
| Industry | Automotive, Manufacturing |
| Products | Tyres, brake systems, automotive safety & communications systems |
| Revenue | 25. Billion EUR (2007) |
| Employees | 150,000 (2007) |
| Website | www.conti-online.com |
Continental AG (ISIN: DE0005439004), internally often called Conti for short, is a worldwide leading manufacturer of tires, brake systems, vehicle stability control systems, engine injection systems, tacographs and other parts for the automotive and transport industries. The Company is based in Hannover, Germany. It is the world's 4th largest tyre manufacturer[1]. It was founded in 1871 as a rubber manufacturer[2]. After acquiring Siemens VDO, it has become one of the top 5 automotive supplier in the world[3].
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, fuel-saving 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, 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[4]. Continental recently acquired Siemens VDO from Siemens AG.[5]
It Recently started the construction of a plant in Costa Rica.
[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)[6]. 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 North of the Great Lakes Crossing Mega Mall.
In 2006, CTNA closed its tire production plant in Mayfield, Kentucky[7], and announced the cessation of tire production in Charlotte, North Carolina[8]. 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[9].
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. [10]
[edit] References
- ^ The History of General Tire from 1915 up to now.
- ^ Continental Corporation - History 1871 - 1926.
- ^ Continental Global Site - Passenger Cars.
- ^ Continental Corporation - History 1995 - 2007.
- ^ Continental AG and Siemens VDO Automotive AG join together to form automotive supplier at forefront of global market. Retrieved on 2007-08-01.
- ^ Continental Corporation - History 1971 - 1995.
- ^ 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].
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