Automotive supplier Continental announces the elimination of thousands of jobs
The automotive supplier Continental wants to cut thousands of jobs worldwide. The Hanover-based company announced a comprehensive cost-cutting program on Monday, which is expected to affect a number of jobs "in the mid four-digit range". On Sunday, "Manager Magazin" reported on 5,500 planned job cuts at Continental, including more than 1,000 in Germany.
According to the company, it intends to save around 400 million euros per year from 2025. To this end, the business and administrative structures are to be "simplified and streamlined". "These initial measures are important in order to strengthen the competitiveness of the Automotive sector," explained Philipp von Hirschheydt, Continental Executive Board member and Head of the Automotive sector.
Further restructuring could follow. "All functions and processes, from sales to research and development to production, will be reviewed with an open mind," von Hischheydt continued. "We are also entering into talks with the social partners to identify suitable measures."
According to "Manager Magazin", the job cuts will initially mainly involve jobs in administrative areas. The areas of production and development as well as tire manufacturing are excluded. Continental's Executive Board is thus reacting to years of failure in the automotive division, the magazine reported, citing company managers.
A good 100,000 people work in Continental's automotive division worldwide, and around 25,000 in the affected indirect area, according to the report.
Source: www.ntv.de
