FRANKFURT, Germany (Oct. 30)—Continental A.G. is warning shareholders its operating profits for the current fiscal year will be lower compared with fiscal 2000, especially considering necessary restructuring measures being planned in light of a "looming recession" in North America and economic downturn elsewhere. Conti Chairman Manfred Wennemer opened the door to further restructuring moves—including plant closings. Continental shares fell sharply in trading after the Oct. 30 announcement. For the nine months ended Sept. 30, Continental reported a 38.2-percent drop in operating earnings to $213.1 million, while sales rose 10.8 percent to $7.38 billion. "In the future, we will focus to an even greater extent on profitability, results and cash flowàand consider the reduction of financial debt one of our most urgent priorities," Wennemer said.
Conti plans restructuring
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