German Tyre Maker Hikes 2004 Dividend

Continental, the German maker of tyres and car parts, said Friday it planned to pay an increased dividend of 0.80 cents($1.07) for 2004 compared with 0.52 euros a year earlier. "A considerable improvement in cash flow and a marked reduction in corporate debt allow for the proposed dividend," Continental said in a statement. "Investors are to share in our business success not only in the form of a much stock market value for their company but also in the form of a more than 50-percent increase in the dividend per share," said chairman Manfred Wennemer. As reported at the end of January, Continental was able to lift revenues by one billion euros to 12.5 billion euros last year.