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
1,000 jobs Number of planned job losses
Announcement Date
24 February 2010
Employment effect (start)
25 February 2010
Foreseen end date
31 December 2010
Description
German tyre manufacturer Continental is restructuring its business and will cut 1,000 jobs in Germany in 2010. The company is hit by the recession and has to cope with financial problems after acquiring the Siemens subsidiary VDO in 2008. The general outlook for 2010, however, would be optimistic, the company's CEO said.
Currently, 3,600 out of 134,000 employees are on short time work. Continental was acquired by the German car supplier Schaeffler in 2009.
23 February 2010: Hessische/Niedersächsische Allgemeine (www.hna.de)
Citation
Eurofound (2010), Continental, Internal restructuring in Germany, factsheet number 70251, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70251.
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