Conti takes charge due to Mayfield restructuring
Continental AG took a $120.6 million charge against earnings during the first half of the year due to the company´s restructuring program for its Mayfield, Ky., plant.
"This restructuring expense will amount to about $146.4 million for the year as a whole," say Continental officials.
Continental AG subsidiary Continental Tire North America Inc. (CTNA) plans to suspend tire production at the Mayfield factory by the end of the year.
However, the facility will stay open for mixing and other activities, according to CTNA officials.
Continental AG recently disclosed its first half results.