Schaeffler to implement job cuts after Vitesco merger, reports WirtschaftsWoche

Schaeffler AG

26/09/2024 13:54

Sept 26 (Reuters) - German machine and car parts maker
Schaeffler  SHA_p.DE  is to implement job cuts as part of its
merger with German EV components maker Vitesco  VTSCn.DE , the
firm's CEO Klaus Rosenfeld told German business weekly
WirtschaftsWoche on Thursday.
    "Of course there will also be personnel adjustments,"
Rosenfeld said, adding the number of jobs affected was unclear
but would not run into a five-digit figure.
    Schaeffler said it would acquire Vitesco in October last
year, aiming to increase its product line of parts for electric
vehicles.
    Rosenfeld added he expected strong growth in the electric
mobility business of the merged company, while foreseeing a
tougher market environment in China.
     

 (Reporting by Tristan Veyet in Gdansk, editing by Madeline
Chambers)
 ((Tristan.Chabba@thomsonreuters.com;))