Continental to Pay Bonus to All Eligible Staff Despite 2019 Net Loss
March 19 2020 - 11:10AM
Dow Jones News
By Jessica Sier
Continental AG will pay a bonus to all eligible employees
despite a disappointing result for 2019, the company said
Thursday.
Employees in Germany will each receive a bonus of 436 euros
($477), while others receive EUR218 each. To be eligible, they must
have been employed at the German automotive-parts manufacturer for
all of 2019.
According to the existing agreement, the company could have
waived the profit-sharing bonus after it reported a EUR1.23 billion
net loss for 2019 and cut its dividend earlier this month.
"We are clearly not satisfied with the result in 2019," said
Ariane Reinhart, executive board member for human relations. "But
the commitment of our employees truly deserved a better economic
result."
The bonus for 2018 in Germany was around EUR750 per
employee.
Continental is also initiating a program to assist in retraining
employees in a shifting industry, particularly given the company's
plans to spin off its Vitesco Technologies division.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
March 19, 2020 10:55 ET (14:55 GMT)
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