Forvia to Cut 10,000 Jobs to Better Compete in EV Transition [BNN Bloomberg (Canada)]
CONTL AG S/ADR (CTTAY)
NASDAQ:AMEX Investor Relations:
continental-corporation.com/en/investors/overview
Company Research
Source: BNN Bloomberg
The French auto supplier jumped as much as 5.9%, the most since Dec. 14, trimming losses over the past year to around 18%. The efforts to slim down, including changes to regional manufacturing and spending on research and development, are expected to yield savings of around €500 million ($539 million) on an annual basis in 2028, the company said Monday. Forvia, which since 2022 comprises French supplier Faurecia and German lighting and electronics maker Hella, employed roughly 75,500 workers at the end of last year. Last week, German parts maker Continental AG finalized plans to cut more than 7,000 positions at its auto unit as well as a push to pool sites in Germany and elsewhere to save costs. Read More: Continental to Cut 7,150 Jobs in Savings Push at Auto Unit ©2024 Bloomberg L.P.
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