HomeBusinessReport: Continental to cut 5,500 jobs in automotive division

Report: Continental to cut 5,500 jobs in automotive division

Date:

Popular News

Published November 13,2023


Subscribe

German multinational Continental is planning to chop a number of thousand jobs worldwide in its struggling automotive provider division, in keeping with a report printed on Sunday.

The automotive division, accountable for automobile shows and driver help programs amongst different components, is ready to lose round 5,500 jobs worldwide, Germany’s Manager Magazin publication reported on Sunday, citing individuals accustomed to the matter.

That could be just below 3% of Continental’s 200,000 staff in keeping with figures from the top of September.

The cuts could be price a number of hundred million {dollars} in financial savings to Continental.

The job losses will primarily have an effect on administration roles, whereas these in manufacturing and improvement are apparently being spared in the meanwhile, in keeping with the report, which mentioned no less than 1,000 of the cuts would happen at German areas.

A Continental spokesman mentioned in response to a dpa enquiry late on Sunday that it could not touch upon “rumours”.

The firm is inspecting “further measures to strengthen the competitiveness of the automotive sector”. This consists of potential modifications in administrative constructions to allow sooner and extra agile selections sooner or later and to decrease prices, the spokesman mentioned.

He couldn’t say whether or not a choice had already been made. According to Manager Magazin, the corporate’s plans might be introduced to staff in a webcast on Monday.

With the job cuts, Philipp von Hirschheydt, head of the automotive division since May, needs to avoid wasting round $400 million in bills yearly from 2025, in keeping with the journal.

Around half of this may very well be achieved as early as 2024. This ought to put Continental’s largest division, with its 100,000 staff and most up-to-date annual turnover of €18.3 billion ($19.6 billion), again on a worthwhile course.

Source: www.anews.com.tr

Latest News

LEAVE A REPLY

Please enter your comment!
Please enter your name here