Continental To Layoff 7,150 Jobs Worldwide

(RTTNews) - German auto supplier Continental AG (CTTAY.PK) on Wednesday announced that it would eliminate nearly 7,150 jobs worldwide by 2025.

The group said in a statement it would lay off 1,750 jobs in research and development, including 380 at software subsidiary Elektrobit.

The company would also shed around 5,400 posts as part of a previously announced cost-cutting program aimed at saving the group 400 million euros by 2025. Continental, which currently employs around 200,000 people worldwide, announced the plan in November without revealing an exact figure of layoffs.

Continental said that the measures aim to increase the efficiency of Automotive's global research and development network. The company added that the adjustments will be implemented gradually and as socially responsible as possible in line with local conditions.

The company is also analyzing a consolidation of locations in the Rhine-Main region.

"We are aware of the impact on our employees and will do everything we can to find good, tailored solutions together with our social partners," said Philipp von Hirschheydt, Continental Executive Board member and head of Automotive.

"Research and development form the basis for innovation and growth. By increasing efficiency and pooling our research and development activities, we will enhance collaboration, leverage synergies and shorten development times - and thus improve our long-term competitiveness. In the medium term, we will focus our resources even more on future technologies for software-defined vehicles," added von Hirschheydt.