Continental announces ‘Transformation 2019–2029’ restructuring program to enhance long-term competitiveness
German supplier aims to cut gross costs by EUR500 million annually from 2023
Continental has announced a long-term restructuring program which will continue for the next 10 years and result in closure of several manufacturing plants and loss of up to 20,000 jobs globally, including 7,000 in Germany, the company said in a press release 25 September. The program, called ‘Transformation 2019-2029’ structural program, is expected to help the Germany-based automotive supplier to strengthen its long-term viability and competitiveness. The company will spend around EUR1.1 billion over the 10-year restructuring program. The company expects its comprehensive restructuring to reduce the company’s gross costs by EUR500 million annually from 2023.