HANOVER, Germany (April 11, 2002)—Continental Tire North America Inc. fell $291 million into the red last year on an operating basis as the company took one-time charges to cover closing a Mexican plant and writing down fixed assets.
However, the company said it “sustained earnings improvement” this year as it benefits from restructuring measures.
Conti's sales in North America fell 4.4 percent to $1.56 billion—due in large part to the marked decline in North American vehicle production—although Conti claims it picked up market share.
The company's tire production in North America was down markedly: passenger car tire output fell 6 percent to 27 million units and commercial vehicle tire production was down 11 percent to 1.8 million units.