German Continental AG Announced to Merge the Tire Business Department of Its Subordination

The German Continental AG has announced in recent days that this company has decided to merge the tire business sector of passenger car, pick up car and the tire business sector of the commercial car into one tire business sector which will be in the charge of the forty-year old Mikolai Setzer.
 
Mikolai Setzer has been in charge of the tire business sector since he was appointed as the director of the executive committee on the Continental AG in August 2009. It is known that Hans Joachim Nikolin who has been providing service to the tire business sector of the commercial car in this company will step down from this position on July 31, 2011.
 
It has been pointed out by the Continental AG that the sales income of the tire business sector for commercial car was 1.351 billion Euros in 2010, reflecting a pre-tax profit of fifty million Euros. The number of employees in this sector was 7100 and thus making it the smallest sector among all the six business sectors in this company. The tire business sector of passenger car and pick up had realized a sales income as high as 5.804 billion dollars in 2010 with the number of employees exceeding 28 thousand and a pre-tax profit touching 993 million Euros. The sales income of the two tire business sectors of this company in 2010 totaled 7.155 billion Euros and it would become the largest business sector of this company provided they are merged.
 
Tire manufacturing is expected to embrace a huge market. The price of tires continues to elevate as the cost in natural rubber hose and rubber sheet manufacturing enhances and consequently, this situation has created a larger profit obtaining space for manufacturers. The sales income in the tire business sector of this company in terms of passenger car and pick up in the first quarter of 2011 is 1.576 billion Euros and the sales figure in the same period of the previous year was 1.28 billion Euros. The EBITDA has increased from 274 million Euros to 314 million Euros. On the other hand, the sales income experienced by the tire business sector of commercial car of this company in the first quarter of this year has amounted to 402 million Euros while the figure in the same period of previous year was 276 million Euros. It is predicted that the sales income of the tire business sector of the Continental AG will continue to skyrocket after the two departments conduct the merger.

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