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Schaeffler is cutting 4400 more jobs

2020-09-09T13:57:43.881Z


The automotive and industrial supplier Schaeffler will cut 4400 more jobs in Germany and Europe. Two locations in Europe are affected - and twelve in Germany.


Schaeffler headquarters in Herzogenaurach

Photo: 

Daniel Karmann / picture alliance / dpa

The crisis in the automotive industry is leading to further major cuts at the supplier company Schaeffler: The company will cut a further 4,400 jobs by the end of 2022.

Schaeffler announced that the implementation was taking place in a socially responsible manner.

Affected are "essentially" twelve German locations and two in Europe.

The group expects savings potential of 250 to 300 million euros annually.

Schaeffler had already started an austerity program in 2018, and three locations have been sold since then.

In September 2019, the company launched a program to cut jobs on a voluntary basis - in May it was expanded due to the corona crisis.

According to the company, the workforce has shrunk from just under 92,500 to 84,200 jobs since the end of 2018, a decrease of almost nine percent.

Market and sales expectations for the time horizon up to 2025 only point to a "slow recovery," said Schaeffler.

The automotive sector, which had already been undergoing structural change, was hit hard by the corona crisis.

Additional structural measures are therefore "absolutely necessary".

More soon on SPIEGEL.de

Icon: The mirror

apr / AFP / dpa

Source: spiegel

All business articles on 2020-09-09

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