Schaeffler must tighten belt, cut jobs: Page 3 of 3

September 09, 2020 //By Christoph Hammerschmidt
Schaeffler must tighten belt, cut jobs
The automotive crisis is hitting the supplier industry with force: After Continental and Hella, Schaeffler is now also announcing a tightening of structural measures - with job cuts well into the four-digit range. A new package of measures by the Executive Board is aimed primarily at reducing capacities and consolidating locations as well as strengthening competitiveness.

The location in Bühl, home of the Automotive OEM division, is being expanded as a center of competence for e-mobility and the series production of electric motors. In this context, an additional 500 jobs will be created in Bühl, which were originally planned for the Szombathely site in Hungary. The construction of the plant in Hungary is not affected by this. The main development activity for future fields of the Industry division, such as robotics, will also be strengthened. In addition, an innovation center for industry 4.0 topics will be built. In addition, the expansion of the aerospace special products division is planned.

The package of measures is expected to result in potential savings of EUR 250-300 million p.a., 90 percent of which should be realized in 2023, with roughly half of this amount being allocated to the Automotive OEM and Industry divisions and only a small part to the Automotive Aftermarket division. This is offset by transformation expenses of around EUR 700 million, the majority of which will probably be booked as a provision in 2020. The capital released in the course of implementing the package of measures presented today will be reinvested in future business and technologies in Germany.

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