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.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture Of Parts And Accessories For Motor Vehicles
450 jobs Number of planned job losses
Announcement Date
7 July 2023
Employment effect (start)
1 January 2024
Foreseen end date
31 December 2027
Description
The German automotive supplier Continental, based in Hanover, has announced that it will cut 450 jobs at its site in Gifhorn in Lower Saxony. The reasons behind the job cuts are, according to Continental, the sharply increased cost pressure in the automotive industry, declining automotive markets and the local cost structure, which is high and uncompetitive by international standards. Continental aims to gradually relocate the production of parts such as valve blocks to suppliers until the end of 2027. These measures will affect 450 of the current 900 jobs in Gifhorn.
Since 2005, Continental has already taken numerous measures together with the employee representatives to improve the competitiveness of the location (Continental-2005-DE). Continental has also taken job reduction measures in other locations to adjust to the changing automotive industry (Continental-2022-DE). The measures in Gifhorn are not part of Continental's ongoing structural programme, which was launched in 2019 to enable the company's transformation in the face of structural change in the automotive industry (Continental-2022-DE).
Continental generated sales for €39.4 billion in 2022 and currently employs around 200,000 people in 57 countries and markets.
Eurofound (2023), Continental, Internal restructuring in Germany, factsheet number 109298, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/109298.
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