Schaeffler to cut 3,460 European jobs and close five sites
Schaeffler plans to cut 3,460 jobs across Europe by 2028, including 2,660 in Germany and about 700 at its Slovak plants, Reuters and TASR report. The company says the cuts and five site closures respond to weaker demand for combustion-engine parts, slower electric-vehicle growth and production overcapacity; it expects annual savings of about €300 million from 2030.
Bottom line — Schaeffler expects €300 million in annual savings from 2030, against restructuring costs of about €480 million.
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Reuters reports that four German sites and one Belgian site are due to close; cuts will affect 16 locations.
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Schaeffler’s Slovak measures are planned from 2027 to 2030 and will affect about 700 employees in production and non-production roles, TASR reports.
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The company says production roles account for about half the planned reductions, research and development for 30% and administration for 20%, Anadolu Ajansı reports.
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Reuters says most of the one-off restructuring costs are expected to be booked in 2026.
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Schaeffler also plans to reduce management layers by up to 30%, Anadolu Ajansı reports.
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Daily Sabah reports that some job losses may be offset by new positions in humanoid robotics and defence.