German Parts Maker Schaeffler to Cut 4,700 Jobs on Auto Woes
- Measures target €290 million annual savings by end of 2029
- Acquisition of Vitesco is helping build e-mobility business
Schaeffler and other German parts makers have seen sales sag amid a downturn in the car industry.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Schaeffler AG will cut about 4,700 jobs in Europe and close two sites as a deepening slump at Volkswagen AG and other German carmakers ripples through their supply chains.
About 2,800 of the job losses will happen across 10 locations in Germany as part of a plan to save about €290 million ($316 million) per year by the end of 2029, the company said Tuesday.