Automotive supplier Schaeffler to close four locations in Germany

Düsseldorf - Automotive supplier Schaeffler is cutting thousands of jobs in Germany amid a prolonged industry crisis, the company announced on Tuesday. This confirms information previously reported by Handelsblatt. The struggling conglomerate plans to eliminate approximately 3,500 positions across Europe. The austerity measures are primarily focused on Germany, with 2,660 job cuts set to take place.

The restructuring program was first forced to be revised in June 2022, when Schaeffler had to adjust its medium-term targets for 2028. The recent downsizing program has only just been completed prematurely. While this has helped reduce costs, it appears insufficient to counteract the rapidly worsening sales crisis in Germany's automotive sector, which in turn is affecting orders from suppliers.

Schaeffler's next round of restructuring is now underway, and the details reveal large sums needing to be achieved and what employees must forego in their respective operations.