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Vitesco names ex-Magna chief Siegfried Wolf as chairman

FRANKFURT — Vitesco Technologies named former Magna International co-CEO Siegfried Wolf as its chairman to lead an expanded 16-member supervisory board.

Vitesco, a powertrain supplier, will be spun off from Continental on Sept. 16.

Vitesco published the prospectus for the spinoff on Tuesday.

It said the volume of new orders booked in the first half of 2021 was 3.8 billion euros, of which nearly half was for electrification products across all business units.

“Margin recovery, consistent cost management, continued disciplined capital expenditure, a positive working capital and special effects relating to the spinoff contributed to strong cash generation overall in the first six months 2021,” Chief Financial Officer Werner Volz said in a statement.

“While the figures are very encouraging, we may continue to face challenges in the coming months due to global material shortages,” Volz said.

Wolf, an Austrian national, left Magna International in 2010 to join Continental’s supervisory board.

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