Schaeffler's Structural Measures in Europe: A Competitive Strategy

Schaeffler AG has announced sweeping structural changes across Europe aiming to enhance competitiveness within the challenging market landscape and the transforming automotive supply industry. The measures align earnings in Bearings & Industrial Solutions, gear towards synergies post-merger with Vitesco, and include substantial capacity realignments.

The restructuring will foresee a gross reduction of about 4,700 jobs, mostly in Germany, translating to a net loss of around 3,700 roles after relocations. This move impacts ten German locations, among others in Europe, partaking a closure of two sites. By 2029, Schaeffler anticipates an annual savings of €290 million.

Implemented through the socially equitable 2018 Future Accord, these measures will safeguard Schaeffler's long-term competitiveness. CEO Klaus Rosenfeld stressed the necessity, adherence to fair practices, and a commitment to investing in key future-oriented sectors, particularly within Germany and Europe.