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Schaeffler Announces Major Job Cuts

Schaeffler to cut 4700 jobs in Europe to improve profitability, despite strong recent financial performance.

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German

Germany

Germany Labour MarketRestructuringJob LossesAutomotiveFinancial PerformanceCost Savings

SchaefflerVitesco Technologies

Klaus Rosenfeld

What is the primary financial goal of Schaeffler's restructuring plan?: The restructuring, costing \u20ac580 million, aims to achieve cost synergies from the recent Vitesco Technologies acquisition and improve the performance of its warehouse and industrial business.
How many jobs is Schaeffler cutting, and where are the cuts mainly focused?: Schaeffler, a German automotive supplier, is cutting 4700 jobs across Europe, including 2800 in Germany, to save approximately \u20ac290 million annually starting in 2029.
How did Schaeffler's CEO describe the approach to implementing the job cuts?: Schaeffler CEO Klaus Rosenfeld stated the job cuts are necessary to secure the company's long-term competitiveness and will be implemented in a socially responsible manner.
What was Schaeffler's financial performance in the first nine months of the year, and what factors contributed to this?: Despite current challenges in the German auto industry, Schaeffler experienced relatively strong financial results in the first nine months of the year. Revenue reached \u20ac12.2 billion, and the company is optimistic about its E-vehicle business.
What are the estimated costs associated with implementing the restructuring plan, and over what timeframe will this occur?: The job cuts will affect ten German sites and five other European locations; two European sites will be fully closed. The plan will be implemented from 2025 to 2027.

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