Continental: expands restructuring, expects 30,000 job cuts
(CercleFinance.com) - Continental is expanding the scope of its restructuring program, which it began in September 2019, saying that it will now affect over 30,000 jobs.
The German auto parts maker said about 13,000 of these job cuts will be in Germany, with a further chunk in countries that have high labour costs.
Note that Continental currently employs over 232,000 people worldwide, including about 59,000 in Germany.
The company had originally announced that its restructuring plan would concern up to 20,000 jobs worldwide, including about 7,000 in Germany.
With the move, the Hanover-based company is further increasing its previous savings target by slightly over 500 million euros.
In its statement, Conti said it does not expect the vehicle production market to return to the pre-crisis levels of 2017 before 2025.
The share is currently up 1.8% in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The German auto parts maker said about 13,000 of these job cuts will be in Germany, with a further chunk in countries that have high labour costs.
Note that Continental currently employs over 232,000 people worldwide, including about 59,000 in Germany.
The company had originally announced that its restructuring plan would concern up to 20,000 jobs worldwide, including about 7,000 in Germany.
With the move, the Hanover-based company is further increasing its previous savings target by slightly over 500 million euros.
In its statement, Conti said it does not expect the vehicle production market to return to the pre-crisis levels of 2017 before 2025.
The share is currently up 1.8% in Frankfurt.
Copyright (c) 2020 CercleFinance.com. All rights reserved.