The German group cites in particular “increasing global competition” to justify this choice. It does not specify whether its French sites will be affected.
Published on 05/11/2024 16:49
Reading time: 1min
The German automotive supplier Schaeffler announced on Tuesday, November 5, the elimination of 4,700 jobs in Europe, as well as the closure of two sites. The workforce reductions will mainly affect ten sites in Germany and five others in Europe, between 2025 and 2027, the company specifies in a press release. It does not specify which other countries will be affected, and in particular whether its three sites in France are affected, but promises details by the end of the year.
“This is the company's response to the challenging market environment, increasing global competition and ongoing transformation, particularly in the automotive OEM industry. explained the group, specialist in bearings for the automotive industry.
This new example illustrates the difficulties of the sector, faced with cascading social plans. This announcement also comes a month after Schaeffler's merger with equipment manufacturer Vitesco, a transmission manufacturer, which the company had warned would lead to job cuts.
This savings plan corresponds to 3% of the group's payroll, which has employed 120,000 people since the merger. It should make it possible to reduce costs by around 290 million euros per year by the end of 2029. The new group, present in 55 countries, also plans to relocate part of its production.
The automotive industry and equipment manufacturers sector is in the grip of a crisis, triggered by the decline in car sales, particularly in Europe and China, and by the weakening of sales of electric vehicles, the development of which required massive investments by manufacturers. THE Volkswagen group notably announced pplans for massive job cuts in Germany
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