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Continental Officially Concludes Purchase of Siemens VDO Automotive
AG
- Integration begins with "Day One" on December 5 - Executive
Board chairman
Wennemer will welcome new employees in Regensburg
Hanover, December 3, 2007. The Continental Corporation has concluded
the purchase of
Siemens VDO Automotive AG. Four days after the EU Commission issued
its go-ahead without
conditions, the company remitted payment for the purchase, in the amount
of €11.4 billion,
including tax benefits of around €1 billion, to Siemens AG. The
integration of Siemens VDO into
the Continental Corporation can thus commence immediately.
“With conclusion of the transaction, we have, in principle, taken
the final step in our comprehensive
preparation and are delighted that we can now welcome the employees
at Siemens VDO as
colleagues,” said Continental’s Executive Board chairman
Manfred Wennemer. On December 5,
the official “Day One” of the new Continental, he will welcome
the employees at an internal event
to be held at the former headquarters of Siemens VDO in Regensburg.
With sales of more than €25 billion (based on 2006 figures) and
approximately 140,000 employees,
Continental ranks among the top five globally in the automotive supplier
industry. The
acquisition of Siemens VDO Automotive AG represents the logical next
step in Continental’s
evolution as integrated systems supplier. The future product portfolio,
with leading market
positions worldwide, excellently covers what will clearly be the predominant
trends in the
upcoming years – safety, protection of the global climate and
networked communication. The
new Continental thus stands for intelligent and highly innovative mobility
in the future and is now
an even stronger partner to the automotive industry.
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