Schaeffler announces job cuts and site closures in Europe due to weak demand
Schaeffler, a German automotive supplier, announced job cuts and plant closures across Europe, including 2,660 positions in Germany and five facility closures, four of which are in Germany.
- Schaeffler will reduce employment by 3,460 across Europe, including 2,660 in Germany.
- Of the planned cuts, 2,660 jobs and four locations are in Germany.
- The operating profit fell by 7.2 percent to 245 million Euro.
- Five total facilities will close in the future, four of which are in Germany.
- Schaeffler anticipates saving 300 million euro annually starting in 2030.
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