Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Continental to phase out activities at Gifhorn plant by end of 2027

by Uma
0 comment
2023 07 07T075238Z 2 LYNXMPEJ66085 RTROPTP 4 CONTINENTAL RESULTS

Continental to phase out activities at Gifhorn plant by end of 2027

BERLIN (Reuters) -Continental said on Friday it plans to phase out business activities at its Gifhorn plant by the end of 2027, with 450 out of 900 jobs at the site initially affected.

The decision was taken “against the backdrop of the sharp increase in cost pressure in the automotive industry, the declining automotive markets, and the high and by international standards uncompetitive cost structure at the site”, the company said in a statement.

The measures will include relocation of the assembly of latest-generation air supply systems in 2024, relocation of the spare parts business from 2024, and outsourcing of valve block and piston head production to suppliers by the end of 2027.

The supervisory board supports the initial measures but will decide on the phase-out at its December meeting, the company said.

HR head Ariane Reinhart said Continental would either move affected workers to other parts of the company or assist them in finding work on the external labour market.

(Reporting by Friederike Heine, Editing by Rachel More and Miranda Murray)