CAPTION: A barrier lies at the construction site of the new corporate headquarters of Continental in Lower Saxony. (picture alliance/dpa)
The automotive supplier and tire manufacturer Continental wants to counter the emerging crisis in the industry with a far-reaching conversion program. By the end of 2023, 15,000 jobs worldwide will be affected by changes, 5,000 of them in Germany, the DAX-listed corporation announced on Wednesday after a supervisory board meeting in Hanover.
With this and through possible partial sales, Conti intends to reduce annual gross costs to around 500 million euros starting in 2023. The restructuring should cost a total of around 1.1 billion euros, the majority of which will be incurred between 2019 and 2022. In return, new jobs will be created "in large numbers" in areas such as software development. To this end, the company intends to push ahead with further training.
With the restructuring and the strategy for the year 2030, Conti is well prepared for the changes the industry is facing, said CEO Elmar Degenhart. "In addition, our restructuring plan will take an aggressive approach to the emerging crisis in the automotive industry and we will emerge strengthened from it once again, as we did 10 years ago.”
Continental currently employs around 244,000 people.
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