Schaeffler plans to cut 3,460 jobs in Europe amid auto industry downturn
Bitget2026/11/03 06:55- Schaeffler plans to cut 3,460 jobs across Europe, including about 2,660 in Germany, amid weak automotive demand.
- Five sites will close, including four in Germany; restructuring measures are scheduled mainly for 2027 and 2028.
- The program targets annual savings of about EUR 300 million from 2030, with one-time costs of around EUR 480 million.
- Proposed temporary voluntary salary cuts across all management levels, including the executive board, would reduce personnel costs in 2027 and 2028.
- Implementation will involve employee representatives and works councils, with salary concessions intended to limit job losses.
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