Conti to focus on cost-cutting
Continental AG will continue to concentrate of reducing its debt, company officials announced earlier today.
A cost-cutting program "in the high three-digit millions range is in force, including the postponement of investments, as well as the stretching of expenditures in the area of research and development."
The program is the largest in Continental's history, says Dr. Karl-Thomas Neumann, the firm's chairman.
"In the second half of 2008, we already hit the brakes hard, making noticeable and painful cuts in all areas for 2009 in order to be among the winners when the markets recover."