Continental may make non-automotive acquisition worth EUR 2bn to EUR 3bn in coming two years
Continental, the listed German components maker, may carry out a non-automotive acquisition worth EUR 2bn to EUR 3bn in the coming two years, according to a newswire report.
The 15 September Reuters article cited Chief Executive Elmar Degenhart as saying a significant buy in that order of magnitude is possible, should a suitable non-automotive target show up.
He said Continental could afford such a deal. Having acquired more than 100 companies in the last 15 years, Continental intends to remain acquisitive, he said.
Degenhart said the company has no imminent plans to make large buys in the vehicle parts sector, as it wants to become less exposed to volatility in that business.
With regards to the recent purchase by German carmakers BMW, Audi and Mercedes of Finnish technology company Nokia's map unit, Degenhart said it is not ruled out that Continental may obtain a stake in the business. An earlier report named that business unit as HERE.