• Vitesco Technologies Group AG: Vitesco Technologies plans organizational changes to sharpen focus on electrification

    DGAP-News: Vitesco Technologies Group AG / Key word(s): Miscellaneous/Strategic Company Decision
    22.03.2022 / 17:45
    The issuer is solely responsible for the content of this announcement.

    Vitesco Technologies plans organizational changes to sharpen focus on electrification
     

    - Supervisory Board approves organizational changes slated
    to take effect at the beginning of 2023

    - Plans envisage a reorganization in two divisions with a clear focus on the electrification business

    - Objectives: a fast and flexible response to market challenges, optimum resource utilization, and a consistently sustainable approach


    Regensburg, March 22, 2022. Vitesco Technologies, a leading international provider of innovative drive technologies and solutions for electric mobility, intends to become even more powerful in organizational terms. At its meeting today, the Supervisory Board approved the company's plans to bring together its four current business units - Electronic Controls, Electrification Technology, Sensing & Actuation, and Contract Manufacturing - into two completely reorganized units: the future divisions "Powertrain Solutions" and "Electrification Solutions".

    Through these organizational changes, which are slated to take effect on January 1, 2023, Vitesco Technologies is aiming to further sharpen its strategic focus on powertrain electrification, in order to boost the effectiveness, efficiency, and flexibility of its operations in the market for sustainable mobility technologies. The clear focus on growth and value creation associated with the reorganization also creates a more transparent structure, enables even better use of resources in line with ongoing and accelerating change, and takes account of the company's ambitious sustainability agenda.

    "Vitesco Technologies is aiming to become a global powerhouse in the field of electrification. Recent incoming orders have endorsed our consistent approach in this respect," says Andreas Wolf, CEO of Vitesco Technologies. "The planned organizational changes are a logical next step in the context of the objectives we defined in our DIRECTION 2030 strategy. We are convinced that the two strong divisions we are creating through these structural changes will be able to react faster and more efficiently to the challenges of the marketplace. The new structures will not only provide us with the perfect opportunity to ensure both, growth and add value, at Vitesco Technologies, they will also help safeguard our competitiveness."

    With well over ten years of experience in the development and manufacture of electric drive systems, the company has focused on electromobility as early and decisively as almost no other automotive supplier. Vitesco Technologies already set the course for a clear electrification strategy in 2019. The stock market listing followed on September 16, 2021, and the company was then admitted to the SDAX at the end of the year.

    "The planned organizational changes are designed to let us make targeted use of our resources and enable closer collaboration between our experts," says Ingo Holstein, CHRO of Vitesco Technologies. "This is not a case of restructuring designed to reduce the size of the workforce. On the contrary, this is all about positioning Vitesco Technologies with its expertise and its people in the best possible way to meet the requirements of the future."

    Vitesco Technologies is a leading international developer and manufacturer of state -of-the-art powertrain technologies for sustainable mobility. With smart system solutions and components for electric, hybrid and internal combustion vehicles, Vitesco Technologies makes mobility clean, efficient and affordable. The product range includes electric drives, electronic control units, sensors and actuators, and exhaust -gas aftertreatment solutions. In 2020, Vitesco Technologies, a Continental business area, recorded sales of EUR 8 billion and employs almost 40,000 people at around 50 locations worldwide. Vitesco Technologies is headquartered in Regensburg, Germany.
     

    Contact for journalists

    Simone Geldhäuser
    Head of Media Relations
    Vitesco Technologies
    phone: +49 (0) 941 2031 61302
    Simone.Geldhaeuser@vitesco.com
     

    Press portal

    https://www.vitesco-technologies.com/en-us/press
     

    Social media

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    www.linkedin.com/company/vitesco-technologies

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    22.03.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
    The issuer is solely responsible for the content of this announcement.

    The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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