The automotive and industrial supplier Schaeffler is cutting 1,300 of its almost 83,000 jobs worldwide. The jobs are to be cut by 2026 – 1,000 of them in Germany alone. The reason for the “structural measure” is the transformation of vehicle drives towards electromobility, according to one Message of the group. With this step, they want to reduce costs and make internal processes “as lean as possible”.
Schaeffler had already announced that 4,400 jobs would be cut in 2020. Plant closures are not planned this time. According to the company, the three locations in Herzogenaurach, Bühl in Baden and Homburg in Saarland are the main job cuts that are to be implemented in a socially responsible manner. Three quarters of the jobs that would be lost would come from the areas of research and development of parts for combustion engines or from central functions. Schaeffler expects annual savings of 100 million euros as a result of the jobs that have been eliminated.
At the same time as the job cuts, the group announced good figures for the third quarter. Compared to the previous year, currency-adjusted sales in this period grew by 20.2 percent report out. In the first nine months of 2022, Schaeffler achieved a profit before taxes of 813 million euros. In the previous year, the EBIT was 962 million euros.
The Schaeffler Group mainly produces clutch systems and transmission components for cars as well as electric drives.