Continental Aktiengesellschaft (XTRA:CON) is considering the sale of the car division currently bundled within ContiTech AG, manager magazin reported on August 21, citing company sources. The possible sale would be part of a wider reorganisation of the company being planned by Supervisory Board Chairman Wolfgang Reitzle and the executive board around CEO Nikolai Setzer, the publication added, citing the sources. Continental has taken a series of steps in recent years to restructure and boost profitability as its market capitalisation tumbled to EUR 13 billion ($14.17 billion) from 50 billion in 2018.

According to manager magazin, that unit - specialised in belts and sealing systems with a turnover of more than EUR 2 billion - is due to be separated from the business within two years. It could be sold, split up further or merged with another company, the publication reported. Continental declined to comment on the report.