Schaeffler to slash 3,460 jobs in Europe amid auto industry downturn

Schaeffler AG

Yesterday 06:55

Nov 3 (Reuters) - German machine and car parts maker Schaeffler SHA0n.DE said on Tuesday it would cut 3,460 jobs in Europe, including about 2,660 in Germany, in response to weakened demand for combustion-engine cars, slower-than-expected adoption of electric vehicles and intense industry competition.
The restructuring aims to reduce excess capacity, lower personnel costs and simplify the organization. Schaeffler expects the measures to deliver annual savings of about €300 million ($336 million) by 2030, with one-off costs of roughly €480 million, most of which will be booked in 2026.
($1 = 0.8937 euros)

(Reporting by Amir Orusov in Gdansk, editing by Milla Nissi-Prussak)
((Amir.orusov@thomsonreuters.com))