HANOVER, Germany—Continental A.G.'s tires and ContiTech non-tire rubber products sectors will be independent business units, effective Jan. 1, as part of its latest restructuring move.
"In the future, Continental will be supported by three strong, equally represented and independent group sectors," Wolfgang Reitzle, chairman of Conti's supervisory board, said in a statement.
"This will accelerate its strategic realignment and position the company in an agile, market-oriented and future-oriented manner with respect to the transformation of the mobility industry."
The tires and ContiTech businesses are consolidated in the Rubber Technologies group sector. Under the new alignment, they will continue to be led, respectively, by executive board members Christian Koetz and Philip Nelles.
Under the new structure, Conti will have three "group sectors," with "Automotive" being the third leg.
Based on Conti's first half financials, the automotive, tire and ContiTech businesses represented roughly 48 percent, 34 percent and 18 percent of the newly configured company's global sales revenue.