Elisabeth Schaeffler (with son Georg): Experience with savings programs
Photo: DPA
The automotive supplier from Herzogenaurach was in trouble even before the Corona crisis began.
These have worsened since spring.
The company with a total of around 87,000 employees (as of the end of 2019) now wants to cut 4,400 jobs by the end of 2022.
Twelve locations in Germany and two in Europe are affected by the job cuts, Schaeffler said on Wednesday.
The supplier sees potential savings of 250-300 million euros per year, 90 percent of which should be realized in 2023.
700 million euros are available for the restructuring and the austerity program.
The executive board of Schaeffler AG has thus adopted an additional package of measures to accelerate the transformation of the Schaeffler Group and sustainably improve its competitiveness and future viability, the group announced.
In this way, overcapacities are to be reduced and the locations in Germany and Europe secured.
Schaeffler also wants to strengthen its competitiveness and expand local skills at selected German locations.
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