Conti to Focus on Debt Reduction
Continental AG reports the company is drawing what it calls ‘further necessary consequences for the closing fiscal year 2008’ following an extensive analysis of the substantial negative development that has taken place in the automotive industry in the six weeks to December 10. At the same time, the company is adapting operational measures for 2009 to the industry’s predictably poor economic environment. A cost-cutting programme, said by Conti to be in the ‘high three-digit millions range’ has been initiated; this programme includes the postponement of investments as well as the stretching of expenditures in the area of research and development.