"By joining forces, pooling our innovative prowess and allying our leading positions worldwide in key market segments like safety, chassis, powertrain systems and telematics/infotainment, we are extremely well placed to take on the global competition and to profit from all mega-trends in our branch of industry," notes Manfred Wennemer, chairman of Continental's Executive Board. He notes that the purchase is the latest in a string that began with the purchase of Teves in 1998, and more recently, the acquisition of Temic, Phoenix AG and the automotive electronics business of Motorola Inc. Karl-Thomas Neumann, an Executive Board member responsible for the Automotive Systems division. "In buying Siemens VDO Automotive AG, Continental is taking the logical next step in its evolution to full-range, integrated systems supplier," says Dr. Already a leading automotive supplier of brake systems, chassis components, vehicle electronics, tires and technical elastomers, the acquisition provides the fuel for Continental AG to continue rigorously pursuing its growth strategy.Īfter the acquisition is complete, Continental will rank fifth among Tier 1 suppliers. It would vault Continental into the Top 5 worldwide suppliers in the automotive industry.
#Siemens vdo automotive full
The company expects to have the purchase fully approved by the end of 2007, with full integration concluded by the end of 2009.
Both supervisory boards of Siemens AG and of Continental AG have approved the transaction, which still requires the approval of the appropriate antitrust authorities. By 2010, Continental expects the anticipated net synergy of the deal will save $235 million annually. In 2006, Continental and Siemens VDO Automotive AG combined realized aggregate annual sales of more than $34 billion while employing a worldwide work force of close to 140,000. In addition, the firm says that the acquisition - the largest in its 136-year history - provides excellent prospects and competence for the future in a global market that, while demanding, is equally rich in opportunities. HANOVER, GERMANY - Continental AG is buying Siemens VDO Automotive AG from parent Siemens AG, for approximately $15.7 billion.
Juggernaut Rising: Continental Acquires Siemens VDO Automotive
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