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

Continental Results and Forecasts Plunge

By Bearing Manufacturer>Bearing News>Continental Results and Forecasts Plunge
©2004-2012

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
stainless steel needle bearings
6mm ball bearings
mounted bearings
Ball Bearings Miniature
Zirconia Bearings
precision bearings
Yoke Type Track Rollers
pressed bearings
slot bearings
stainless steel thrust bearing
Latest Topic
R0zz Bearings
NKIS50 Bearings
TWD1423 Axial Bearings Washers
6003 2rs Bearings
NKI80/35 Bearings
GS89313 Housing Locating Washers
R6 2RS Bearings
60/630z Bearings
LR35X40X20,5 Inner Rings
K14X18X15-TV Needle Roller And Cage
Category

Miniature Bearings
Deep Groove Ball Bearings
Flanged Ball Bearings
Miniature Thrust Bearings
Needle Roller Bearings
Stainless Steel Bearings
Ceramic Bearings
Skateboard Bearings
Dental Bearings
Custom Bearings


Latest Bearings


$index_product_mb$