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German car parts maker Schaeffler cuts 4,400 jobs

Christian Fernsby ▼ | September 10, 2020
German car and industrial supplier Schaeffler said that it will cut 4,400 jobs due to the impact of the coronavirus on the automotive sector.
Parts   Schaeffler
The company said it will downsize capacity and close several factories to save around 300 million euros ($354.5 million) annually by 2023.

Topics: Schaeffler

The jobs cull will focus mainly on 12 locations in Germany and two elsewhere in Europe, the Bavaria-based firm said.

Chief executive Klaus Rosenfeld said the restructuring was “unavoidable in order to improve Schaeffler’s long-term competitiveness and ability to realise future opportunities”.