Continental says pension costs may hit net profit

Newswire

FRANKFURT, Oct 31 (Reuters) - German tyre and car parts maker Continental AG said on Thursday its 2002 net profit might be cut by up to 180 million euros ($177.7 million) due to underfunding in its U.S. pension fund. The company is the latest to have to dig into its pockets to top up pension funds which have been ravaged by declines in world stock markets. A Continental spokesman said the company had already paid 150 million euros into the fund in the first half of the year to cover ...

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