German auto parts and tyre manufacturer Continental is to cut some 7,150 jobs worldwide due to its cost-cutting efforts in the weakening automotive supply business. This corresponds to more than 3% of the total workforce. In addition to the measures already announced in the division's administration, employees in research and development are also affected by the plans, the DAX-listed company said on Wednesday. Around 5,400 jobs are to be cut in the administrative areas and a further 1,750 in the
Continental CEO: "The ContiTech business is being developed independently and we are examining whether we are still the best owner for it," Setzer said, adding that the review is not yet complete.