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Continental Details Strategy 2030, Transformation 2019-2029 Structural Program

Continental AG (CTTAY.PK) said, according to a preliminary analysis, up to 20,000 jobs worldwide are expected to be affected by changes under the structural program over the next ten years, including about 7,000 in Germany. By the end of 2023, around 15,000 jobs are expected to be affected, including about 5,000 in Germany. The company said it does not rule out additional projects if the current program does not achieve the desired impact.

Continental plans to reduce its gross costs by about 500 million euros annually from 2023. The company expects the program to cost around 1.1 billion euros over its ten-year term. These costs will mostly be incurred between 2019 and 2022.

The company said its Board have decided to review the required structural adjustments at some locations in Europe and the U.S.A. The Instrumentation & Driver HMI business unit plans to gradually withdraw from mass production at the location in Babenhausen, Germany. A total of more than 2,200 jobs are likely to be affected according to initial planning. The Supervisory Board approved the closure of the location in Henderson, North Carolina, U.S.A.

The company said its accelerated transition to the future technologies of electric mobility will have an impact on four locations in: Roding, Germany: with approximately 320 production jobs expected to be affected; Limbach-Oberfrohna, Germany: with approximately 860 production jobs expected to be affected; Pisa, Italy: with approximately 500 jobs expected to be affected; and Newport News, Virginia, U.S.A. where discussions will soon begin with the aim of closing.

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