Of the Continental split off Car supplier Aumovio started self -employment with a stock market value of 3.5 billion euros. The first course was found on Thursday on the Frankfurt stock exchange at 35 euros and climbed up to 35.86 euros.
Continental shareholders had also received an Aumovio share in their depot for two of their papers. “It is a huge opportunity for us to take our fate into our own hands,” said Aumovio boss Philipp von Hirschheydt at the start of the stock exchange. The board can now concentrate entirely on business with the auto industry and better deal with the risks on the world market such as wars and commercial barriers.
For the first course, Aumovio would be a candidate for the MDAX minor index. As with Conti, the main shareholder is the owner family of Schaefflerthat holds 46 percent.
Continental initially moves backwards in the top stock exchange league. The papers were traded at 58.28 euros. On Wednesday, the last trading day before the split off, they were closed at 72.98 euros. The split was worth it for the shareholders: the value of their portfolio has increased by more than 4 percent.
Tire business as an important carrier
The manufacturer of brakes and safety systems, vehicle software, displays and electronics has so far been the largest business area of Continental. The Hanover Group becomes a pure tire producer if it also has gotten away from the Sale ContiTech division. This makes Conti more profitable, because the tire business is the earnings bum with 13 percent margin. (Read the analysis “Continental’s tire business should become a piece of cream
“.)
In contrast, the bottom line in the auto delivery wrote loss for years. Aumovio boss of Hirschheydt is aiming for an operational return of six to 8 percent in the long term. Last year it was 2.5 percent at 19.6 billion euros in sales, in the first half of this year 2.7 percent. The target brand for sales is more than 24 billion euros in the long term. The result was “still expandable”, he admitted on the Frankfurt parquet. Aumovio has to become one of the most efficient companies in the industry: “We have to watch that we are really competitive.”
Suppliers and carmakers are in crisis: by weak demand in Europe, the hard competition in China and high import duties of the USA. In addition, the billion -dollar investments in electromobility burden. They do not expect yet because the switch to electric cars is slower than expected.
Strong personnel loss at Continental
Conti has already passed a horse cure with the dismantling of thousands of jobs. Aumovio has more than 86,000 employees at over 100 locations in 25 countries worldwide. Five years ago, Continental Automotive was still more than 100,000. HR reduction has not yet been completed, said von Hirschheydt. The company must continue to slim down. Among other things, the end of the Schwalbach and Wetzlar works in Hesse is sealed until the end of the year.