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Continental has sold its plant in Kaluga, Russia, to Russian company S8 Capital. With this step, Continental has divested the majority of its activities in Russia as part of its announced controlled withdrawal from the Russian market – a decision taken by the technology company in response to the war against Ukraine. The transaction has been approved by the relevant authorities.
Continental started 2023 with solid results, in line with its expectations. The technology company anticipates a further improvement in earnings over the course of the year, in particular due to rising production figures for passenger cars and light commercial vehicles, inflation-related price adjustments and cost discipline.
At its meeting today, the Supervisory Board of Continental AG extended the appointment of CEO and chairman of the Executive Board Nikolai Setzer (52). Having been due to expire in March 2024, his contract will now run for a further five years until March 31, 2029. In a further resolution, Philipp von Hirschheydt (48) was appointed new Executive Board member for the Automotive group sector effective May 1, 2023.
“Our technological expertise ranges from the road to the cloud. That’s what makes Continental so unique,” said Continental’s CEO Nikolai Setzer today at the technology company’s virtual annual shareholders’ meeting, underscoring the company’s strong technological and competitive position.
