Continental turns to arms maker Rheinmetall to help workers find new jobs
BERLIN, June 14 (Reuters) -German autos supplier Continental CONG.DE is working with Rheinmetall RHMG.DE to offer job opportunities for Continental workers at the arms maker, a sign of rising labour demand in defence even as other industries wind down personnel.
The agreement will allow up to 100 employees from Continental's Gifhorn plant in Germany, which is closing due to rising costs, to find new jobs at Rheinmetall, the companies said on Friday.
The companies will also organise events for Continental workers at other locations.
While automakers are battling higher costs and require less labour due to the move to electric vehicles, the defence industry is seeing significant growth prompted by a drive to re-arm after Russia's 2022 invasion of Ukraine.
Rheinmetall, whose market value has more than quadrupled since the war began, expects sales growth of up to 40% in the current fiscal year and will require more personnel to meet demand, it said.
Reporting by Victoria Waldersee; editing by Jason Neely
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