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Continental AG sees no need for writedowns in Powertrain business
January 9, 2017 / 1:39 PM / in a year

Continental AG sees no need for writedowns in Powertrain business

FRANKFURT, Jan 9 (Reuters) - Auto supplier Continental is conducting a review of its Powertrain business but does not expect to undertake writedowns on combustion engines, Chief Financial Officer Wolfgang Schaefer said on Monday.

The auto supplier initiated the review after earnings in its Powertrain business - that makes electric and combustion engines mainly for passenger cars - failed to meet expectations, Schaefer told Reuters in an interview.

Now the German auto supplier is looking at its entire Powertrain portfolio to see where the business can be strengthened or improved.

“We will be able to say more when we publish first quarter earnings,” Schaefer said.

“I do not anticipate special charges or writedowns related to Powertrain,” Schaefer said adding that the purpose of the review is not to sell the business. (Reporting by Edward Taylor and Ilona Wissenbach)

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