From AFX News Limited
HANOVER, Germany — Continental AG said it plans to cut more jobs than planned as part of the integration of its VDO unit and transfer part of its production to low-wage countries.
A spokesman for the company said 1,500 to 2,000 jobs will be affected world-wide.
The German tire and automotive parts supplier last summer acquired VDO from Siemens AG, and previously said it plans to cut 2,000 jobs at VDO during the integration process.
Continental said the measures will mostly affect its electric components unit Powertrain, which to a large extent consists of the former VDO.
Continental said restructuring and integration costs of VDO will remain unchanged, in the lower $3 million range.
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