April 27, 2018 / 8:35 AM / 24 days ago

Continental may carve out powertrain business in revamp -CEO

HANOVER, Germany, April 27 (Reuters) - Continental may separate out its powertrain business into an independent entity, its top executive said on Friday, as the automotive supplier ponders a new corporate structure to adjust to technology changes and become more nimble.

“We are further expanding our competitive powertrain business,” Chief Executive Elmar Degenhart told shareholders at the group’s annual general meeting.

“That could mean we partially separate out the business as an autonomous organisation,” he said. “We are giving this (entity) more entrepreneurial freedom.”

The auto parts and tyre maker has been in talks with banks about a possible overhaul of its diversified two-group structure and is expected to provide details on the plans by mid-2018.

Reporting by Jan Schwartz Writing by Andreas Cremer Editing by Maria Sheahan

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