Continental Deepens Restructuring Cuts With 30,000 Jobs at Risk
- Company targets savings of more than 1 billion euros in 2023
- Top labor leader warns that ‘fatal picture’ is emerging
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Continental AG plans to cut or transfer as much as 13% of its workforce to reduce costs by at least 1 billion euros ($1.2 billion) a year, deepening restructuring as the coronavirus adds to pressure on the auto industry.
Some 90% of the restructuring measures, which could affect 30,000 jobs, will be implemented by 2025, Continental said Tuesday. Its domestic German operations will be hit hard, with about 13,000 positions moved to other areas or eliminated.