According to Reuters, Continental Group CEO Elmar Degenhart said recently that due to the growth of Asian and North American operations offsetting the decline in European business to a certain extent, it is expected that the Continental Group's car and truck parts business will continue to grow slightly next year.
In an interview, Elmar Degenhart said that despite the increasingly difficult business conditions in Europe, Continental Group’s sales this year will reach 32.5 billion euros (about 42.6 billion US dollars), which will increase by 7% compared with last year.
In August this year, ContiTech, a subsidiary of the Continental Group, acquired the automotive air-conditioning business of Parker Hannifin, which further expanded its overseas operations.
The European sedan market has been shrinking in the past 12 months, with the rate of decline reaching its peak in September, and most auto companies have experienced double-digit percentage declines. Year-to-date, the car market in Western Europe fell by 7.6% compared to the same period last year.
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