HANOVER, Germany (Aug. 28, 2008) — Schaeffler Group and two trade unions have signed agreements protecting the interests of employees of Schaeffler and Continental A.G. during the takeover deal between the firms.
These arrangements are valid for an unlimited period and can be terminated in 2014 at the earliest.
The IG Metall and IG BCE union groups signed the statement, fulfilling a major step in the investment agreement, Schaeffler said.
Kurt Mirlach, executive vice president of human resources at Schaeffler, said his company has stressed the importance of looking out for the interests of Continental A.G.'s employees to dispel the anxieties and fears of the work force.