Conti Stashes Over $3 Billion for Acquisitions

Continental AG is saving money to make acquisitions in the Asian market.

Continental AG has at least $3.53 billion (3 billion euros) on hand for acquisitions to expand into Asian led automotive markets.

Wolfgang Schaefer, the company’s CFO, said Continental’s scope has become bigger as it has experienced “positive development,” according to an article from the Daily Mail. He said the company could make major acquisitions within the next year.

Continental, the world’s second largest automotive supplier, said it expected strong profit and sales in the fourth quarter with the growth of orders for electric and self-driving technologies. Schaefer also said sales have been stronger this winter, which should push the company to perform better than last year.

The company, based in Hanover, Germany, makes fuel-injection systems, tires and driver-assistance technology.

Since at least 2011, Continental has continued to focus more in its Asian markets.

MORE: Continental envisions new mobility concept

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