Martien de Louw, president and CEO of CTNA, announced the restructuring Sept. 3 to employees gathered in the atrium of the company's headquarters in Charlotte.
``This is a step we as a company need to take to lead CTNA to profitability by 2005,'' Mr. de Louw said.
Conti reported a $103 million operating loss in 2002 and was 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 CTNA spokeswoman said. Plant personnel will not be affected.
``Benefits will be available for all 100 employees affected,'' the spokeswoman added.
Conti counts 700 employees in its headquarters operation, which also includes field sales personnel and others based in various locations. About 400 employees actually work in the headquarters building.
In addition to this action, Conti is reviewing all other operations to assure efficiency and profitability, the spokeswoman said. This includes supply chain management, demand chain management and manufacturing.
Conti already has announced it is seeking to reduce production at its Mayfield, Ky., tire plant.