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Germany's Continental seeks 8-11% EBIT margin, realigns strategy

FRANKFURT, Dec 16 (Reuters) - German auto supplier and tire maker Continental on Wednesday said it plans an adjusted EBIT (earnings before interest and taxes) margin of around 8% to 11% in the medium term and organic annual growth of around 5% to 8%, outpacing the market.

“With our future-oriented technologies and our success-driven global team, we will be among the winners of the transformation in the mobility industry,” chief executive Nicolai Setzer said.

Last month, the Hanover-based group had warned of further restructuring expenses in the fourth quarter.

Reporting by Jan Schwartz in Hamburg and Vera Eckert in Frankfurt; editing by Thomas Seythal

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