HAMBURG, April 20 (Reuters) - Continental AG will announce in a few days plans to restructure its Powertrain division, ahead of the German automotive supplier’s annual shareholders’ meeting on April 28, a person familiar with the matter said.
“But there won’t be a big bang,” the person told Reuters on Thursday, without providing further details.
Continental had said in January it was reviewing its Powertrain division after earnings at the business, which makes electric and combustion engines mainly for passenger cars, failed to meet expectations.
Bloomberg had reported earlier that Continental Chief Executive Elmar Degenhart had said on the sidelines of the Shanghai auto show that the group was planning a programme to improve efficiency at the unit. (Reporting by Jan Schwartz; Writing by Maria Sheahan; Editing by Kathrin Jones and Harro ten Wolde)