Automotive industry in crisis

Supplier Schaeffler plans to cut 4700 jobs

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05.11.2024 11:33

The crisis in the European automotive industry is affecting more and more suppliers. The German automotive and industrial supplier Schaeffler announced on Tuesday that it would be cutting 4700 jobs in Europe.

2800 of these relate to German jobs; the extent to which Schaeffler Austria, with around 466 employees and a production facility in Berndorf, is affected was still unclear on Tuesday morning. 

Ten locations in Germany and five more in Europe are affected, the company, which employs 120,000 people worldwide following the merger with competitor Vitesco, announced at its headquarters in Herzogenaurach, Franconia. Two of the five European sites are to be closed completely. The package of measures will be implemented between 2025 and 2027. The aim is to save 290 million euros per year from 2029, it said.

Company promises measures "with a sense of proportion"
"The program is necessary in the current environment in order to secure the Schaeffler Group's long-term competitiveness. We will implement it in a socially responsible manner and with a sense of proportion," said Schaeffler CEO Klaus Rosenfeld.

At present, hardly a day goes by without new bad news from the industry, which is important for both Germany and Austria. It was recently announced that Audi will be closing its plant in Brussels next year. Thousands of employees are affected. The parent company Volkswagen is planning further plant closures and thus the reduction of many more workers.

Those employees who are not affected by the job cuts are likely to earn significantly less in future. According to the works council, income cuts of up to 18 percent are planned. Four billion euros are to be saved in this way.

The Schaeffler headquarters in Herzogenaurach (Bild: APA/AFP/Tobias SCHWARZ)
The Schaeffler headquarters in Herzogenaurach

Austrian companies are also trembling
Austrian companies are also trembling, as 900 companies produce for the automotive industry. VOEST, ZKW and Miba, for example, count the Volkswagen Group among their customers. 300 companies in Austria are even pure vehicle suppliers. Over 200,000 people work in this sector.

This article has been automatically translated,
read the original article here.

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