Coronavirus: Schaeffler suspends guidance for 2020

March 24, 2020 //By Christoph Hammerschmidt
Coronavirus: Schaeffler suspends guidance for 2020
Due to the rampant corona crisis, automotive supplier Schaeffler AG has suspended its sales and profit forecast for the current year, which was reduced only two weeks ago. From today's point of view, neither the further course nor the economic effects can be reliably estimated, it was said. The company intends to issue a new forecast as soon as this is possible.

A package of measures adopted on March 19 to adjust capacities in Germany and Europe, especially in the automotive business, to the declining demand will be implemented as agreed. The Executive Board has also agreed with the employee representatives on additional measures for the areas outside the plants which will be implemented in the short term.

In addition to the usual instruments, such as closing days, reduction of flexitime accounts and company holidays, the package of measures agreed also includes new regulations on short-time working introduced in response to the crisis. The package is intended to enable fast and flexible solutions for the various locations.

There are also positive aspects: Schaeffler's plants in China have already been back in operation two weeks ago, and capacity there is being utilized to 80%. The company, which is primarily active in the field of mechatronics and electric drives, is now hoping for a market recovery in the second half of the year - at least in China.

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