Technology as well as for engine and transmission management systems. The area of powertrain systems - for electric motors and hybrid O In close cooperation with customers in the automotive industry, theĬompany will be able to exploit its position as leading innovator in
With the innovative systems it generates, also set new standards in theĪreas of traffic management and accident prevention. O Pooled know-how in systems technologies like driver-assistance,Įnvironment sensors, telematics and electronic brakes will cruciallyĪdvance the integration of passive and active vehicular safety and, He underscored the advantages of the new Continental: Karl-Thomas Neumann, Executive Board member responsible for the Automotive Systems division. The new Continental thus stands for a future mobility that is intelligent and highly innovative, making it an even more potent partner to the automotive industry," said Dr. and is now culminating, for the present, with the Siemens VDO Auto motive AG acquisition. It progressed further with the take-over of Temic and the automotive electronics business of automotive electronics business of Motorola, Inc. We initiated this process with the purchase of Teves in 1998. "In buying Siemens VDO Automotive AG, Continental is taking the logical next step in its evolution to full-range, integrated systems supplier. With the acquisition, Continental AG continues to rigorously pursue a strategy of value-generating growth in synch with the claim of rendering individual mobility safer, more comfortable and more environmentally compatible. We are convinced that the creativeness of both companies' committed employees will allow our joint project to be crowned with success!" A high measure of flexibility, creativity and willingness to institute change is a sine qua non all around in the demanding process of integrating the two companies in a spirit of genuine partnership. "We are well aware of the magnitude of the task. By joining forces, pooling our innovative prowess and allying our leading positions worldwide in key market segments like safety, chassis, powertrain systems and telematics/infotainment, we are extremely well placed to take on the global competition and to profit from all mega-trends in our branch of industry," said Continental Executive Board chairman Manfred Wennemer. "Together Continental and Siemens VDO Automotive AG, two companies rich in tradition and endowed with an enormous performance capability, have the once- in-a-lifetime opportunity to forge a global frontrunner in the automotive supplier sector. As per 2006, Continental and Siemens VDO Automotive AG realize aggregate annual sales of around 25 billion euros with a worldwide workforce of close to 140,000. Execution of the acquisition is contingent on the approval of the appropriate antitrust authorities.
On Wednesday the supervisory boards of Siemens AG and of Continental AG, in Munich and Hanover respectively, gave their consent for the transaction. In so doing, it is advancing to a position among the top five worldwide in this industry. Continental is buying the Siemens VDO Automotive AG from Siemens AG, Berlin/Munich, for 11.4 billion euros. HANOVER, Germany, July 25 - With the biggest acquisition in its 136-year history, Continental AG, Hanover, is investing itself with excellent prospects for the future in a global market that, while demanding, is equally rich in opportunities. O Wennemer: "Fair price paid" - attractive financing conditions O Creative power of employees indispensable in carrying through integration O Consolidated innovative prowess and broad product portfolio with top technologies O Unsurpassed competence in chassis, safety, powertrain systems and infotainment O Biggest purchase in Continental's history clears way to excellent future prospects
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