GERMANY - German manufacturer Continental AG's trust arrangement has integrated the CTA of daughter firm Siemens VDO Automotive, acquired in December 2007, according to MandateWire.
In its most recent annual report, Continental said it added pension funds through the purchase of Siemens VDO in, apart from Germany, the UK, US, Canada and Switzerland.
The trust arrangement for Siemens VDO's German employees, originally created by Siemens, was adapted to the legal construction of Continental Group's CTA, the report said.
The firm said it would not continue Siemens VDO pension plans in Switzerland and the Netherlands in their previous form, but instead outsource them to third parties.
Continental completed the acquisition of Siemens VDO on 3 December 2007, paying €11.4bn to Siemens. Siemens VDO has over 55,000 employees worldwide.
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