Auto supplier: Schaeffler cuts 1,300 jobs

Status: 08.11.2022 09:24 am

Because of the faster transition to electromobility, Schaeffler is cutting 1,300 jobs in its automotive division worldwide. With this, the supplier wants to save 100 million euros per year.

The automotive and industrial supplier Schaeffler will cut a total of 1,300 of its almost 83,000 jobs worldwide by 2026. The Herzogenaurach-based company justified the measure with the transformation away from combustion engines to e-mobility. The company announced today that jobs in administration and in the development of combustion engines are particularly affected.

The drive change is coming faster than expected, said Schaeffler CEO Klaus Rosenfeld. The job cuts are a reaction to this, not a consequence of the gas and energy crisis. According to this, 1,000 of the 1,300 jobs in Germany should be eliminated.

Potential savings of around 100 million euros per year

The deletion should bring cost savings of around 100 million euros per year, which should essentially be achieved by 2026. According to the information, almost three quarters of the capacity reductions are attributable to jobs in administration and central functions in research and development for combustion engines, the rest to jobs in production. In Germany, the locations in Herzogenaurach, Bühl and Homburg are mainly affected.

In the third quarter, Schaeffler was able to significantly increase business compared to the same quarter of the previous year, which was affected by the corona virus. According to the automotive and industrial supplier, total sales increased by 27.3 percent to 4.24 billion euros. The automotive supplier division, which was badly affected a year ago, was able to increase by a third more significantly. The weak euro also helped. For the first nine months, revenues add up to 11.8 billion euros, 8.7 percent more than in the same period in 2021.

The operating result before interest, taxes and special effects climbed from July to the end of September by a good third to 355 million euros – an increase of 36.4 percent. That was significantly more than what analysts had previously expected on average. All in all, the net result of the SDAX company grew by a good 13 percent to 169 million euros. Schaeffler is sticking to its forecast for the year.

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