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Continental to expand restructuring programme to save 1 billion euros by 2023
Continental AGContinental is expanding the restructuring programme it initiated in 2019. The company is adding further measures to cut costs and increase efficiency to its Transformation 2019-2029 programme. The tyre manufacturer wants to achieve gross annual savings of more than 1 billion euros by 2023. This is significantly more than previous targets – in fact more than doubling the initially quoted figure. In total it expects the changes to affect more than 30,000 jobs worldwide. Its workers in Conti’s domestic market in Germany will be the largest part, with 13,000 affected jobs. A further major proportion will be in countries with high labour costs. Conti says these jobs will be modified, relocated, or made redundant. Conti says the programme aims to ensure its viability and strengthen global competitiveness in the long term.
Fintyre initiates debt restructuring programme
FintyreOn 15 June 2020 Italian tyre distributor Fintyre filed an application for admission into a debt restructuring arrangement with creditors to preserve “business continuity and better safeguard the interests of its creditors and of all the subjects who, for various reasons, have relationships with Fintyre”, according to our Italian group publication PneusNews.it. Related businesses Franco Gomme and Tire Retail (Pneusmarket) are not part of the arrangement.
Restructuring announced as Fintyre Group misses January wages
The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.
Nynas enters restructuring process
Nynas AB (publ) filed for “company reorganisation” in Sweden at Södertörn’s District Court today (Monday 16 December 2019). According to a company statement, Nynas’s banks have refused to continue to extend loans to the company and therefore “Nynas cannot pay due debts forcing the company to apply for a reorganisation”.
Trelleborg Wheel Systems only “marginally affected” by organisational changes
Sweden’s Trelleborg Group is implementing organisational changes with the aim of improving profitability and focusing the company on selected segments. It says the intention is to “continue to develop and strengthen already well-performing and well-positioned business areas that have sizeable global businesses.” This will involve reducing the number of business areas from five to three, Trelleborg Wheel Systems is one of the three businesses under this structure.
Delticom restructuring – will an investor save the day?
Online tyre distributor Delticom AG has announced a number of measures aimed at returning the company to profitability. These measures already include discontinuing some businesses and may lead to an investor acquiring Delticom or a significant share of the firm.
Job cuts, changes: Continental responds to evolving automotive market
More than eight per cent of Continental’s current global workforce may be affected by measures introduced over the coming decade to reduce its gross costs by 500 million euros a year from 2023. Continental says up to 20,000 jobs worldwide are expected to be affected by this restructuring programme over the coming ten years; around 15,000 of these by the end of 20
Bridgestone enlarging its Central Europe operation
As of 1 July, Bridgestone Europe’s Central Europe region will grow to include the four countries currently grouped as the Nordic region. Denmark, Finland, Norway and Sweden will join Austria, Germany in Switzerland in the enlarged regional operation.
Restructuring within Tatneft tyre business
Tatneft reports that structural changes have been implemented in its Kama Tyres tyre manufacturing business. The Russian company reports that its OOO Nizhnekamsk Truck Tyres Factory has now joined together with the OOO Nizhnekamsk SSC Tyre Factory. It says the aim of this change is to improve the efficiency of the company’s petrochemical production process management system.
Schaeffler to reorganise UK business
The global automotive and industrial supplier Schaeffler, which employs over 92,000 people worldwide, proposes to reorganise its UK business activities as part of its excellence programme “Agenda 4 plus One”. This programme includes a global footprint initiative that is examining the strategic and economic competitiveness and long-term sustainability of all Schaeffler locations worldwide. As part of this initiative the Executive Board has decided to reorganise its activities in the UK.
Supervisory Board approves Continental realignment
Major organisational changes proposed by Continental AG have gained the blessing of the company’s Supervisory Board. At a meeting today, board members approved the creation of a new Continental AG holding structure, ‘Continental Group’, and also gave the green light to making an independent legal entity out of the company’s Powertrain division ahead of its partial initial public offering (IPO) in mid-2019.
Continental announces major organisational realignment
Tyre maker and automotive technology firm Continental says it will be “one of the largest organisational realignments” in its history: The Executive Board of Continental AG has announced plans to create a holding structure under a new umbrella brand, Continental Group, and support this holding structure with three new business sectors – Continental Rubber, Continental Automotive and Powertrain. These sectors will succeed the current Automotive Group and Rubber Group.
Rosava ‘restructuring’ as plant readies for larger tyre sizes
Despite a company restructuring that includes the closing down of the private joint-stock company (PJSC) Rosava, the Rosava factory in Bila Tserkva, Ukraine is currently gearing up to begin production of 19-inch tyres following the installation of new plant equipment.
Solvay cutting 600 jobs
Solvay will cut 600 jobs as part of a broad restructuring program aimed at simplifying the organization. On 29 March the firm announced that job cuts related to the restructuring include 160 redundancies in France, 90 in Portugal and 80 in Brazil.
