Continental Automotive must seriously swing the savings knife. Out of 2,300 employees, they are now saying goodbye to 1,200.
Already in mid-February, the German company Continental announced an extensive savings plan. And now we see the first effects of it.
The sub-supplier, which is probably best known for producing tyres, is now sharply cutting back on the so-called Automotive programme.
This is written by Automobilwoche .
The savings plan means that the German company is packing up and leaving two addresses in the towns of Wetzlar and Schwalbach.
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As a consequence, many of the total of 2,300 employees in Continental Automotive Systems will have to say goodbye, who, among other things, produces brakes and electronic parts for the car factories.
Specifically, 1,200 employees will lose their jobs, while the remaining 1,100 positions will be moved to other parts of the group.
Philipp von Hirschheydt, who sits on the company's board, confirms this to the German media.
In total, however, Continental must say goodbye to a total of 7,500 employees worldwide before 2025, because savings in operations of 400 million euros must be found that year. This corresponds to 2.9 billion Danish kroner.
Continental Automotive is far from the only one swinging the savings knife these days. In fact, there is a regular carnage going on right now in the car industry.
It also means bankruptcies. And for some, it is even the second time in just four years that someone has to be turned around. Read more about it here .
Read more news from and about the automotive industry right here!
