Vitesco earns more before merger with Schaeffler

The automotive supplier Vitesco has earned significantly more in its day-to-day business. For the year as a whole, the Regensburg-based company achieved earnings before interest and taxes of 341.1 million euros, adjusted for special effects, as announced on Friday. This was a good half more than in the previous year. The drive specialist, which once belonged to Continental, increased its turnover by just under two percent to 9.23 billion euros.

Vitesco is about to merge with automotive supplier Schaeffler. The holding company of the Franconian industrialist family and the group it controls together already hold around 89 percent of the voting rights. In April, the annual general meetings of Schaeffler and Vitesco are expected to approve the merger of the two companies. The process is expected to be completed by the end of the year.