German automotive supplier Continental AG is considering cutting about 2,000 jobs at recently-acquired automotive electronics business VDO, two sources close to the matter told Reuters on Friday.
Continental would cut around 1,500 jobs in Germany to reduce costs, one source familiar with the situation told Reuters, confirming an earlier report by Germany's Financial Times Deutschland. The source added that VDO's existing plans to slash 500 jobs would also take effect. VDO employs around 20,000 staff in Germany and employee representatives had expected job cuts of 7,000. Continental declined to comment.
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