From AFX News Limited
FRANKFURT — Continental AG plans to cut 2,000 jobs at its VDO automotive electronics unit, which it acquired from Siemens AG, Financial Times Deutschland reported, citing sources at Continental.
The plans will partly allay concerns of the IG Metall trade union, which had feared that 7,000 jobs may be eliminated, the newspaper added.
A Continental spokesman declined to comment on the report, Financial Times Deutschland said.
The German maker of tires and car components intends to cut 1,500 jobs on top of a reduction of 500 jobs that Siemens had already eyed before it sold the business to Continental, the paper said, citing its sources.
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