Nov 22

Continental Plans Thousands of Job Cuts in Auto Division

BERLIN, Nov 13 (Reuters) – German car parts manufacturer Continental (CONG.DE) said on Monday it would cut thousands of jobs in its automotive division worldwide as part of a plan to save 400 million euros ($428 million) a year from 2025.

The exact number of job cuts was not immediately clear, but it will amount to the “mid-four-digit range”, the company said.

The news comes amid ongoing reports that Continental plans a restructuring and potential sell-offs, with CEO Nikolai Setzer saying in September he was considering a change in ownership of the company’s ContiTech division.

Source: Reuters

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