Looking For Bearings?
All Types Of High Quality Bearings. Extensive Inventory, Fast Shipping.Find Exactly What You Want Today!
Bearing Manufacturer  Products  Miniature Bearings  Skateboard Bearings  

Continental Results and Forecasts Plunge

By Bearing Manufacturer>Bearing News>Continental Results and Forecasts Plunge

Continental AG (Germany; being acquired by Schaeffler Group, parent of INA and FAG Bearings) announced its third quarter net income fell to just 2.4 million from 252 million a year ago. While the company cut projections yet again, it kept its 8.5% EBIT target for 2008, excluding VDO-related costs. Conti loaded up on debt when it acquired VDO from Siemens in late 2007.

After Bosch, Continental is Europe's second-largest auto parts manufacturer. After Michelin, it is Europe's second-largest tire manufacturer.

Looking forward, things are expected to get much worse. Karl-Thomas Neumann, Conti's CEO, said: "In the last quarter, there were drastic signs of slowing in all markets, whereby the dramatic declines in Europe in particular have negatively affected us. This trend will probably become even stronger, continuing far into 2009."

Conti has not ruled out selling off divisions and/or plants, and is planning ongoing workforce reductions worldwide.

As the acquisition moves forward, Schaeffler has said it will not interfere in Continental's operations or management. Schaeffler officially bid 75 per share for Continental, but shares now trade in the 30 range and Schaeffler has bought 11.5 million for an average 65.8

F T 
Latest Articles
Small bearings turning the big world
Chinese bearing export 2.592 billion ...
The Function of Miniature Thrust ...
Good quality skateboard bearings
How to judge the quality of bearings
Bearing Industry in Need of ...
Bearing Industry Expands Its Production ...
100 Percent of the Qualified Ratio for ...
Miniature bearings around us
The Related Knowledge about Miniature ...
Latest Topic
63/28zz & 63/28 2rs Bearings
6311 2rs Bearings
SS6216 ZZ & 2RS Stainless Steel Ball
SSmr137 ZZ & 2RS Stainless Steel Ball
AXK5070 Axial Needle Roller And Cage
Hybrid and Full 51426M Ceramic Thrust
IR70X80X35 Inner Rings
WS81132 Shaft Locating Washers
NA4900-RSR Bearings

Dental Bearings
Rc Bearings
Bicycle Ceramic Bearings
Miniature Thrust Bearings
Flanged Ball Bearings
Ceramic Bearings