BERLIN, June 10 (Reuters) - German automotive supplier Continental must save hundreds of millions of euros in costs and will probably have to lay off workers due to a slump in demand caused by the coronavirus pandemic, WirtschaftsWoche cited the CEO as saying.
“This will be very painful, but we have no other choice,” CEO Elmar Degenhart told staff in an internal video, according to accounts from company insiders of the event reported by WirtschaftsWoche magazine.
“At the moment we cannot give any job guarantees. The probability that we will have to talk about forced layoffs is very, very high,” he was cited as saying.
Continental’s press office did not immediately respond to calls and an email requesting comment before office hours. (Reporting by Douglas Busvine Editing by Michelle Martin)