FRANKFURT, Germany—The IGBCE trade union and worker representatives issued a joint statement on Continental A.G.'s plans for a potential split of the group and spin-off of its automotive sector.
"Continental's decision to consider a spin-off of the automotive sector is, after many detours, the last exit before the dead end, said the joint statement published Aug. 6. "The top priority now must be to show employees clear perspectives and reliable goals as quickly as possible."
The statement called for "functioning business models and a solid capital base" to support investment in innovation and secure jobs across all parts of the company.
These elements "are important signals not only for investors, but above all for employees … (who) bear the burden of restructuring," the release continued.
Describing collective bargaining and "comprehensive co-determination" as "crucial prerequisites for the further process," the employee reps insisted "there must be no regression behind the status quo.
"For years, employee representatives at all levels have made comprehensive proposals for the future of the company. They must now be heard."
On Aug. 5, Continental announced plans to conduct a detailed evaluation on spinning off its Automotive sector, dividing the group into two independent companies.
Following the detailed evaluation, the executive board said it would make a decision by the year-end on the spin-off, which would be completed by the end of 2025.
