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Drivetrain supplier Vitesco earns more before merger with Schaeffler
The automotive supplier Vitesco earned significantly more in its day-to-day business. For the entire year, the company from Regensburg reported an adjusted profit before interest and taxes of 341.1 million euros, as announced on Friday. This was over half more than the previous year. The drivetrain specialist, which used to be part of Continental, increased its revenue by nearly two percent to 9.23 billion euros.
Vitesco is on the verge of merging with the automotive supplier Schaeffler. The holding company of the Franconian industrial family and the group it controls already together hold around 89 percent of the voting rights. Shareholder meetings of Schaeffler and Vitesco in April are to decide on the merger of both companies. The process is expected to be completed by the end of the year.
Translated automatically from German.
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