Continental to cut jobs, close factories in decade-long overhaul

FRANKFURT (Bloomberg): Continental AG mapped out a sweeping restructuring plan set to last a decade that will affect as many as 20,000 jobs worldwide, part of the German manufacturer’s effort to restore profits while enduring sluggish vehicle production in key markets.

The world’s second-biggest auto-parts maker will invest about 1.1 billion euros (US$1.2bil) during the period through 2029 to achieve a reduction of gross costs of 500 million euros annually starting in 2023, according to a statement Wednesday. The company employs about 244,000 people in 60 countries.