Listing provides Vitesco Technologies with entrepreneurial flexibility to further expand strong position in e-mobility market
Vitesco Technologies celebrated its successful market debut with the start of trading of its shares on the Frankfurt Stock Exchange. The first share price was quoted at € 59.80.
“We are extremely delighted and proud to achieve this milestone today. My congratulations go to the entire Vitesco Technologies team on this significant step and my sincere thanks for their excellent work over the past few years,” said Andreas Wolf, CEO of Vitesco Technologies. “Now we have the necessary entrepreneurial flexibility to position ourselves even better in the market and continue with our clear focus on electrification.”
With the completion of the spin-off, Vitesco Technologies, the former Powertrain business area of Continental AG, has become independent. As a result of the spin-off, each shareholder of Continental AG received one share in Vitesco Technologies for every five Continental shares held. The largest single shareholder of Vitesco Technologies is the Schaeffler family, via its investment companies IHO Verwaltungs GmbH and IHO Beteiligungs GmbH, with a total stake of around 46 percent. Vitesco Technologies has nearly 40,000 employees at around 50 locations worldwide. The company’s headquarter is in Regensburg/Germany.
CFO Werner Volz added: “For Vitesco Technologies, the listing is the next logical step in the company’s development, a perfect contribution to our growth strategy and giving us broader access to the capital market. As a result, we will be able to benefit even more from the opportunities offered by the fast-growing e-mobility market.”
The shares of Vitesco Technologies AG with the International Securities Identification Number (ISIN) [DE000VTSC017] and German Securities Number (Wertpapierkennnummer, WKN) [VTSC01] will be listed and traded in the Prime Standard of the Frankfurt Stock Exchange under the ticker symbol [VTSC].
