Schaeffler Comment Regarding Today’s Statement of the General Works Council of Continental AG

Resource from: CBCC Likes:2934

Jul 24,2008

The Schaeffler Group welcomes the initiative made by the general works council of Continental AG and has offered to rapidly open a dialog with regard to the issues and questions mentioned by employee representatives. “We will keep the commitments that we have already made on numerous occasions: Continental including the tire business will remain as one independent company listed on the stock exchange and based in Hanover. It will, of course, also have a supervisory board with powers of co-determination in the future. There will be no transfer or reduction of jobs resulting from the takeover offer" said Dr. Juergen M. Geissinger, President and CEO of the Schaeffler Group. “We are also confident that we can reach an amicable solution with regards to the additional points mentioned by the general works council”. "We now want to discuss these points in the interest of all Continental employees. Therefore, we hope the supervisory board will come to a decision at its meeting tomorrow that will enable us and all other parties involved to rapidly achieve good results in a constructive atmosphere and dispel the anxiety and fears of the employees”.

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