According to reports, mainland executives recently stated that the group plans to double the revenue of its ContiTech business unit within the next ten years.
Ten years of revenue doubling
"This is definitely not an illusion," ContiTech CEO Heinz-Gerhard Wente said in an interview with the German "Handelsblatt": "We want to achieve both quality and scale growth." Ditek's revenue will double to more than 11 billion euros.
Mainland plans to double ContiTech's revenue in ten years
In February 2014, Continental Group announced that it had invested EUR 1.4 billion to acquire Veyance Technologies, a company owned by the Carlyle Group, which was previously part of Goodyear Tire & Rubber and mainly produced rubber products such as industrial hoses and conveyor belts. Its 2013 sales were close to 15 Billion euros.
The above transaction is not expected to be completed until the end of September 2014, when Veyance Technology's business will be integrated into ContiTech, which will increase the overall annual operating revenue of the division to around 5.4 billion euros. Expanded to 39,000 people.
In early April, ContiTech announced the acquisition of two German blow molding technology companies, InnovativeTechnologie and Präzisionstechnik Geithain (PTG). The two companies are engaged in the manufacture of blow molding technology tools and special machinery, as well as the production of special machinery and blow molding tool parts .
Continental Group Accelerates Its Expansion
After acquiring the Siemens VDO automotive electronics business unit in 2007, the debt level of the Continental Group soared, and the amount of debt for the following years was once as high as 11 billion euros. In recent years, the mainland has successfully reduced its debt level. At the end of last year, the net debt has been reduced to 4.3 billion euros, a decrease of about 1 billion euros compared with a year ago.
With the gradual reduction of debt levels, Continental Group has accelerated the pace of mergers and acquisitions expansion, and will further expand the proportion of businesses outside the automotive industry in the future.
In March 2014, the mainland CEO Elmar Degenhart stated at a press conference that in the next 12 to 18 months, the Continental Group may conduct a new business acquisition to further expand its rubber product business. . In addition, the company also considers small-scale M&A expansions in the auto parts sector.
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