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Continental Initiating Measures To Cut Costs - Quick Facts

Speaking at the Annual Shareholders' Meeting, Elmar Degenhart, Chairman of the Executive Board of Continental (CTTAY.PK) said the company now anticipates its third quarter will also be very difficult. However, Continental projects higher sales than in the second quarter.

Elmar Degenhart stated that the company's current cost structure no longer fits with the lower global vehicle production. Hence, Continental is reducing overcapacities. The measures include: reducing investments; decreasing working capital; and cutting labor and material costs.

"We are reducing even more costs now. Several hundred million euros. This amount, however, is above and beyond what we had already decided. It will have an impact until 2022," Elmar Degenhart said.

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