Restructuring events
European Restructuring Monitor (ERM)
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.
Germany-based automotive supplier Continental announced that it plans to cut its workforce by 30,000 jobs worldwide by 2029. The company decided to expand the worldwide restructuring programme ‘Transformation 2019-2029’, announced in 2019, to rationalise business processes and improve financial efficiency. Continental estimates the programme will bring annual gross savings of EUR 1 billion a year starting in 2023. Originally the company planned to reduce by €500 million per year and cut about 20,000 jobs globally. The goals increased due to the COVID-19 pandemic and due to a drop in demand which affected the automotive industry. According to Continental, about 90% of measures are expected to be implemented at its all business units by 2025. The company reveals that 13,000 jobs will be cut at in Germany.
The company does not expect automotive production to return to the pre-crisis levels of 2017 before 2025.
Continental employs 232,000 people worldwide, including 59,000 in Germany.
Eurofound (2020), Continental, Internal restructuring in World, factsheet number 101972, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101972.