Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The German automotive supplier Continental, headquartered in Hanover, has announced that it will cut around 840 jobs at its sites in Waltershausen (Thuringia), Korbach (Hesse), Northeim (Lower Saxony), Oedelsheim (Hesse) and Hannoversch Münden (Lower Saxony).
According to Continental, the restructuring of the Mobile Fluid Systems (MFS) business unit is due to future competition in the field of electromobility. The transformation process has accelerated due to the economic and political situation. At the Waltershausen site, 190 jobs are affected, in the Oedelsheim/Hannoversch Münden site network 300-350 jobs are affected and in Northeim more than 300 jobs are affected. The German hose sites are to be restructured by the end of 2025.
The company announced it would work with the works council to find other jobs within or outside the corporation for the affected employees.
Continental achieved sales of €33.8 billion in 2021 and currently employs around 190,000 people in 58 countries and markets.
Eurofound (2022), Continental, Internal restructuring in Germany, factsheet number 107073, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107073.