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Austerity measures at Schaeffler
The global automotive and industrial supplier wants to cut 4,400 jobs in Germany and Europe by the end of 2022 in order to improve its competitiveness.
Austerity measures at Schaeffler
The global production of vehicles expected for 2020 is significantly below the previous year at minus 20 percent; the pre-crisis level is not expected to be reached until 2024 at the earliest. In view of this situation, the Management Board of Schaeffler AG decided on a package of measures at group level that is intended to sustainably improve the future viability of the company. Half of the savings potential of 250-300 million euros per year comes from the Automotive OEM and Industry divisions and only a small part from the Automotive Aftermarket division. The positive prospects: In addition to a state-of-the-art central laboratory, a competence center for hydrogen technology will also be located at the Herzogenaurach site, the headquarters of the Schaeffler Group. The Höchstadt location will receive a competence center for tool making, which will take over the existing capacities from Herzogenaurach. The location in Bühl, headquarters of the Automotive OEM division, is being expanded into a competence center for e-mobility and the series production of electric motors. In this context, an additional 500 jobs will be created in Bühl.