Continental posts 2008 results
Continental AG's consolidated net sales for 2008 were 24.2 billion euros, a 45.8% increase over 2007 levels.
Continental officials attribute the sales gain to its acquisition of Siemens VDO.
For full year 2008, the company's income totaled 1.8 billion euros.
The company's Rubber Group achieved sales of 9.3 billion euros on income of 984.9 million euros during the year, which officials call "outstanding" in view of the current economic situation.
"The Passenger and Light Truck Tires division, as well as the ContiTech division, were largely able to replicate the very favorable results of previous years despite negative economic factors and the heavy burden presented by raw material costs."
Looking ahead, reducing debt will remain Continental's top priority, says company Chairman Dr. Karl-Thomas Neumann. "For this reason, further measures have been initiated, in addition to the cuts in areas such as capital expenditure and research and development."