Hannover, Germany -- Continental AG, Hanover, is restructuring its Powertrain Division. Dr. Karl-Thomas Neumann, a member of Continental's Executive Board, said, "We will undertake a global restructuring program with the aim of optimizing production within a period of around two years and achieving a much better balance between high-cost and low-cost locations."
Press reports suggested there will be up to 2000 job losses.
Conti said the restructuring program is the result of an internal analysis of the strengths and weaknesses of the Powertrain Division.
The restructured Powertrain Division will combine three business units - Diesel Systems, Gasoline Systems and Electronics - into a single entity.
As part of the reorganisation, Dr. Karl-Thomas Neumann will assume operational responsibility for the Powertrain Division with immediate effect, in addition to his duties as a member of the Executive Board of Continental AG. Dieter Rogge, the current head of the Powertrain Division, will retire.
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Source1 (Origin) story
Press release from Conti
Continental to cut up to 2,000 jobs at Powertrain Reuters (Germany)