Auto industry

Schaeffler trims 3,460 European jobs

Supplier Schaeffler plans to eliminate about 3,460 positions in Europe, roughly 2,660 of them in Germany, closing five sites including Dortmund (combustion-engine parts), Morbach, Berlin, Schwalbach and Herstal, Belgium, and cutting capacity in France and Slovakia. It targets about $335 million (€300 million) in yearly savings from 2030 against roughly $536 million (€480 million) in one-time costs, mostly booked this year, per Schaeffler (Nov. 3). Converted at $1.1163 per euro (Fed H.10, Oct. 30). The cuts mean a smaller European supplier footprint, but the announcement does not establish a current parts shortage.

Sources: Link