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Continental explores plant closures under restructuring

Continental AG is considering shutting down some of its plants, including in its home market of Germany, as part of its global restructuring efforts, Reuters reported Aug. 23, citing a company spokesman.

The spokesperson told the news wire shortly after German daily Hannoversche Allgemeine, citing union sources, reported that Continental was looking to close nine of its 32 production sites in its powertrain unit, potentially impacting 4,000 jobs.

"It is beyond question that we are reviewing all divisions," the spokesman reportedly said to Reuters, without disclosing how many plants could potentially be involved.

Earlier this month, the German auto-parts maker unveiled a major strategy shift following second-quarter earnings that missed analysts' estimates. It said it would focus on its electrified powertrains and related components business, and cut its investment in fuel pumps for combustion engines.

Continental also plans to review its rubber division, according to the report.

The company's stock rose closed down 1.78% to €106.98 following the news.