Continental AG, one of Europe’s largest auto-parts makers, may announce 5,500 job cuts representing 3% of its staff worldwide as soon as Monday, according to ManagerMagazin.
More than 1,000 jobs will be axed at roughly 30 locations in Germany, mostly in administrative positions, the business magazine reported citing company officials it didn’t identify.
Production and development are likely to be spared for the time being, the magazine reported. Managers were informed of the planned cuts on Friday and staff will be looped in on Monday, it said.
A spokesman for the Hannover-based company said in an emailed statement that Continental is looking into further measures to improve the competitiveness of its automotive branch.
“This includes possible changes in administrative structures to enable faster and more agile decisions in the future and to relieve the cost side,” said Continental spokesman Marc Siedler.
Continental will inform its employees and then the public once concrete decisions have been made, Siedler added.
