Conti cutting 100 jobs at headquarters in N.C.

CHARLOTTE, N.C. (Sept. 3)—Continental Tire North America Inc. is eliminating the jobs of 100 headquarters employees to help stem the tire maker's losses. Martien de Louw, president and CEO of the U.S. arm of Germany's Continental A.G., announced the layoffs Sept. 3 to employees gathered at the company´s headquarters in Charlotte. He said the firm needs to take the step so it can become profitable by 2005. Conti reported a $103 million operating loss in 2002 and is expected to be in the red again this year. The plan involves both the voluntary and involuntary reduction of personnel and will take place by the end of September, a Conti spokeswoman said. Benefits will be available for the 100 employees, and no plant workers will be affected. Conti counts 700 employees in its headquarters, including field sales personnel and others based in various locations. About 400 staff members work in the headquarters building. Conti also is reviewing all other operations to assure efficiency and profitability, the spokeswoman said.