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Continental AG Plans Job Cuts in the U.S.-sources

By Bearing Manufacturer>Bearing News>Continental AG Plans Job Cuts in the U.S.-sources

Continental AG High Speed Bearings is planning to cut jobs in the United States, several people familiar with the matter told Reuters on Wednesday.


However, a spokesman for Continental said no decision had yet been reached on whether Needle Roller Bearings jobs would be cut, and commented: "It is currently not yet clear whether job cuts can be avoided."


It was not immediately clear how many jobs could be at stake.


Continental, which counts General Motors Ford und Chrysler among its customers, has about 25,000 workers in North America, including the United States.


There are no plans for major job cuts in Europe, one person familiar with the matter said.


Continental, which is being acquired by Stainless Steel Bearings group Schaeffler, earlier cut its 2008 profitability outlook and said it could omit a dividend this year as it steeled itself for a tough market in western Europe and North America in 2009. (Reporting by Arno Schuetze; Writing by Maria Sheahan; Editing by Andrew Macdonald)

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