Continental expects 2012 slowdown

Elmar Degenhart, chief of the Continental sees his company and the industry better prepared for a downturn than in 2009. He said in a newspaper interview. He expects a slowdown but not a recession.

Thursday 08 September 2011, 17.07 clock

Frankfurt. The automotive supplier Continental is the auto industry to a possible crisis better prepared than in 2009. "Since 2009, any plans in the drawer in the event that there should be a major breakdown," said Conti-chief Elmar Degenhart the "Frankfurter Allgemeine Zeitung" (Friday edition). He believes that the turmoil will have on the financial markets may impact the real economy: "We currently expect for 2012 with a slowdown, but not with a serious recession." The forecasts for 2011, he confirmed.

The outlook for the automotive markets in the coming years have clouded his view, however: "Until six weeks ago, thought some have full conviction that the production would next year increase to 85 million cars on these figures, we no longer believe.. We are now more like 75-78 million vehicles, "said Degenhart. For Continental, however, would not be catastrophic even stagnant volumes. Even then Continental would still grow by a mid single-digit percentage, Degenhart said.

At Continental, there is loud Degenhart been no cancellations, "Our large customers take so far for 2012 back little volume, it is not excluded that this could happen to the end of the year, if economic development is moving in the wrong direction, and manufacturers. , would be affected are highly concentrated on the European market, of course, stronger. "

To projections for the current year captures Degenhart: "We remain committed to our forecast, this year to increase sales by at least ten percent to 29.5 billion euros and creating an adjusted operating margin of 10 percent." (Dpa-AFX/swi photo: Continental)