(Bloomberg) -- Germany’s Vitesco Technologies Group AG plans to grow through acquisitions as it winds down its businesses related to combustion engines, Chief Executive Officer Andreas Wolf told trade journal Automobilwoche.
“We are looking at whether there are interesting opportunities on the technology side,” Wolf said. “We have every opportunity to take over parts of companies or entire companies as well.”
Wolf didn’t elaborate on possible targets. As the most recent example, the company acquired a minority stake in the Canadian semiconductor technology firm GaN systems in November.
Vitesco, which was spun off from auto supplier Continental AG last year, plans to further divest its businesses linked to combustion engine technology.
“There is no market growth for these products because the number of combustion engines is decreasing year by year,” Wolf said.
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