Restructuring measures force Conti $231 million in red for '01

HANOVER, Germany (March 8)—Continental A.G. fell $231.2 million into the red last year as the company took nearly $420 million in one-time charges against earnings to cover restructuring measures. Throughout 2001 the company closed two tire plants and one retreading facility, announced two other factory closings for 2002, and sold a tire retail chain in Great Britain. Conti's sales for fiscal 2001 rose 11.1 percent to $10 billion, with the bulk of the growth coming from the automotive systems businesses. Tire segment sales were up 2.2 percent, largely on the strength of the European passenger tire business. Continental Tire North America Inc. reported a loss after taking a $182 million charge to cover a factory closing in Mexico and other measures