Reviews Schaeffler-CEO also open to cooperation with VITESCO - Conti Drive Parts VITESCO Plant First Note On 16 September

20:20  07 september  2021
20:20  07 september  2021 Source:   finanzen.net

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The industrial and car supplier Schaeffler is open to partnerships in areas such as e-mobility or electronics even with the drive division standing in front of the spin-off Continental.

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" VITESCO is a partner with which one can cooperate," said Schaeffler-CEO Klaus Rosenfeld. The main shareholder of Vitesco will probably be the Schaeffler family, which is involved with around 46 percent of Continental AG .

For possible acquisitions, for the Franconian family group, the purpose of the purpose of the atrial basis that it would be strategically and technologically meaningful and paying out. "If an interesting option is offered on the industrial or on the car site, even if it is bigger, we would see ourselves," says Rosenfeld to Dow Jones Newswires on the edge of the IAA Mobility. The focus is more on smaller, supplementary purchases.

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Possible takeover destinations did not call the manager. Recently, Schaeffler failed in the acquisition of the ABB division Dodge failed.

splitting would be mistakes on the multi-column strategy of Schaeffler with industrial and car supply division does not want to shake Rosenfeld. "We are a company that has a strong composite production compared to others. This is the core of Schaeffler," emphasized the manager. Whether you process steel and create a bearing, a coupling part or part for the electric drive, is not a big difference. "So I do not see any reason to split industry and car, that would be a mistake," says Rosenfeld. Rather, one must use the synergies between the two units.

operatively runs at Schaeffler in the face of high demand round. The delivery difficulties with chips concern the Group only indirectly, as Schaeffler is not so much dependent on semiconductor components. "But we notice the problem of course on the production volume, which goes with us by the automakers," says Rosenfeld. His assessment will take a while until the situation is back in balance. "We also see the second half of the year moderately as at the beginning of the year. (...) In I'm confident that we create the annual forecast," the manager added.

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Schaeffler wants to increase sales in 2021 by at least 11 percent. The adjusted EBIT margin should be between 8 to 9.5 percent.

Conti Drive Saving VITESCO Plant First Note on September 16

The VITESCO Technologies Group AG, so far the drive division of the Autozuferner Continental, should be first quoted on 16 September in the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the Börsenkürzel VTSC. This comes from the securities prospectus published on Tuesday.

The shareholders of Conti had approved on 29 April 2021 at the Annual General Meeting of the Vitesco Technologies cleavage. The shareholders of the DAX Group are to receive a VITESCO share for five CONTI shares.

In the first six months of the financial year, VITESCO achieved a total turnover of around 4.4 billion euros (previous year: 3.4 billion euros), as the company announced. Adjusted operating earnings rose to 84.2 million euros, compared to a loss of 218.1 million euros before. The adjusted EBIT margin increased to 1.9 percent of minus 6.4 percent. The newly published order volume was 3.8 billion euros, of which about 1.8 billion euros are attributable to electrification products in all business units.

"We have aligned our strategy very early on the electromobility and initiated the crucial steps," says Vitesco-CEO Andreas Wolf. "From the 16th of September we are independent, so we will be able to better use the opportunities of the strongly growing e-mobility market." Munich (Dow Jones)

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