“The program is essential in the current environment to ensure the long-term competitiveness of the Schaeffler Group. We will implement it in a socially responsible way and with a sense of proportionality,” said CEO Schaeffler Klaus Rosenfeld.
Ten locations in Germany and another five in Europe were affected, the company, which employs 120,000 people worldwide after the merger, announced at its headquarters in Herzogenaurach, Franconia. Two of the five European sites are to close completely. The package of measures will be implemented between 2025 and 2027. From 2029 onwards, 290 million euros will be saved per year. 75 million euros of that would relate to the merger with Vitesco.
>>> Schaeffler and Vitesco: Merge to form one of the largest vehicle suppliers
There are three main reasons behind the plans: The business with bearings for wind turbines, for example, is slowing down – due to competition from China. “The Chinese are attacking in the wind sector,” says Rosenfeld. The transformation of the automotive industry towards e-mobility is happening more slowly than planned. “The reduction of approximately 600 jobs is due to cost synergies from the merger with Vitesco,” says Rosenfeld. Just a few weeks ago, Schaeffler took over the electric drive specialist from Regensburg and became one of the world’s ten largest companies in the supply industry with a total of around 120,000 employees.
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