CTNA's De Louw announces staff cuts at company headquarters

Sept. 3, 2003

Martin de Louw, CEO and president of Continental Tire North America Inc. (CTNA), annouced there will be staff cuts of 100 employees at the company's headquarters in Charlotte, N.C. Plant personnel will not be affected.

De Louw, who also serves as a board member for CTNA's parent company, Continental AG, said the company will offer some employees early retirement packages.

A spokesman for the company says the move is one of the steps needed to help the company achieve its goal of being profitable in 2005.