Continental is working to scale back its operations and focus on tyre manufacturing.
The group is now selling a division that manufactures plastic and rubber products for industry to the venture capital firm Lone Star Funds. The price tag is 4 billion euros, equivalent to just over 44 billion kronor.
In addition, Continental could receive up to 250 million euros more in the coming years, depending on how the business performs.
The deal is expected to be completed before the end of the year.
Part of the proceeds from the sale will go to pay off debts, while 2.5 billion euros will be paid out to shareholders.
The IGBCE union has opposed the sale, but has not succeeded in stopping it.
