Mexican Media Brands
Conti To Cut 20,000 Jobs, Close 2 U.S. Plants
Continental AG is launching a 10-year restructuring plan that will eliminate as many as 20,000 employees and shutter two factories in the U.S.
#workforcedevelopment
Share
Continental AG is launching a 10-year restructuring plan that will eliminate as many as 20,000 employees and shutter two factories in the U.S.
The €1.1 billion ($1.2 billion) effort, dubbed Transformation 2019-2029, is expected to deliver savings of €500 million ($549 million) per year by 2023. Conti currently employs some 244,000 people worldwide.
Conti says the overhaul will trim the company’s current global workforce by 8%, including an 11% reduction to 55,000 in Germany. The company also expects to add an unspecified number of new jobs in the software sector.
In the U.S., Conti will shut down a hydraulic brake system plant in Henderson, N.C., and by 2024 close a hydraulic components factory in Newport News, Va. The facilities currently employ a combined 1,400 people.
In Europe, Conti will shutter hydraulics component plants in Roding and Limbach-Oberfrohna, Germany, and Pisa, Italy. The company says 1,700 jobs will be eliminated and 1,000 reassigned.
In Malaysia, Conti also will close a truck tire plant in Petaling Jaya by the end of this year, eliminating 270 jobs.
RELATED CONTENT
-
Creating the C-HR
Yes, this is a Toyota. A production crossover. One that will clearly appeal to those who are wondering where Scion has gone.
-
On a Baby Bugatti EV, a Hybrid Boat and the Future of Works
On the diminutive electric Bugatti you didn’t know you wanted; interesting predictions about apps, electrification and data; a Scandinavian hybrid tourist boat development; the VW Arteon sedan; and employment considerations in car plants as a result of electrification
-
UPDATE: Unifor Ratifies GM Labor Pact by 86% Margin
Hourly workers at General Motors Co.’s CAMI assembly plant in Ingersoll, Ont., will vote today whether to accept an agreement to end a strike they began on Sept. 17.