HANOVER, Germany (March 22, 2013) — Continental A.G. is sharing up to $130 million of its fiscal 2012 profits with its 160,000 employees worldwide in the form of a "value-sharing bonus."
Employees in high-cost countries like Germany or the U.S. will receive a bonus of about $1,170 in April, nearly 40 percent more than in 2012, Conti said. Employees in "best-cost" countries will receive $585.
"Extending across national borders and divisions, this type of bonus is an example of our 'For One Another' value," said Elke Strathmann, executive board member responsible for human resources.
"Unlike other companies, Continental involves its employees worldwide…. With their unwavering commitment, our employees make a significant contribution on a daily basis to creating profitable and sustainable value for our company. We want to reward this commitment."
Hans Fischl, chairman of the Continental works council, said the company's workforce "has made an important contribution to value creation, so it is only right and proper that it should also benefit from the company's financial success! All employees worldwide will enjoy the bonus. Here we are assuming a vanguard role in our sector of industry. This is something we can truly be proud of."
Conti said its value creation provides the basis for the value-sharing program. The terms differ from one country to the next and the program takes into account both statutory regulations and local purchasing power.
On this basis, the bonus varies in amount between $535 and $1,070, but for 2012 an added bonus payment is being made for early attainment of many of Conti's mid-term goals in its key financial figures. These include the gearing and equity ratios.
Payment of the bonus is contingent on continuous employment with the company throughout 2012 and a continuing employment relationship as of March 31, 2013.