Continental to Cut Jobs, Shut Factories in Sweeping Overhaul
- Car-parts maker says as many as 20,000 jobs make be affected
- Manufacturers face sluggish demand, shift to electric cars
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Continental AG mapped out a sweeping restructuring plan stretching over the next decade and affecting as many as 20,000 jobs worldwide, marking the German manufacturer’s latest effort to restore profits while navigating sluggish vehicle production in key markets and an industry shift to electric cars.
The world’s second-biggest auto-parts maker will invest about 1.1 billion euros ($1.2 billion) during the period through 2029 to achieve an annual reduction of gross costs of 500 million euros starting in 2023, according to a statement Wednesday. The company employs about 244,000 people in 60 countries.