Schaeffler, a German manufacturer of machine and car parts, has confirmed the closure of two production facilities in Austria and Britain as part of restructuring measures announced earlier this month.
The company is set to cut 4,700 jobs across Europe, with the Austrian plant in Berndorf, known for producing wheel bearings and transmission bearings, set to shut down.
The shift towards automatic transmissions in the automotive industry has resulted in the closure of the company’a clutch plant in Sheffield, UK.
The production of clutches will be transferred to Schaeffler’s plants in India and Hungary, following the closure of the Sheffield facility.
The company’s sites in Kysuce, Slovakia, and Brasov, Romania, are slated to take over production from other plants but will also experience job cuts.
In Germany, Schaeffler’s major sites are projected to cut around 2,800 jobs, with another 1,900 positions being eliminated at European locations outside Germany.
Despite, the extensive job cuts, the net reduction in jobs will be 3,700, in Europe as the company plans to shift roles from one location to another.
The restructuring efforts, particularly in Europe outside of Germany, are focused on the Bearings & Industrial Solutions division, which faces economic challenges, structural issues, and fierce competition.
The automotive supply industry’s transformation, including a decrease in ICE technology products in Europe, has also impacted the powertrain & chassis division.
Schaeffler CEO Of Bearings & Industrial Solutions business Sascha Zaps said: “Through the necessary consolidation of our European production network, we are improving our cost structures and making our company more competitive.
“The focus of our plans is on putting Schaeffler’s bearings business in a strong position for the future, to ensure long-term profitability and optimise collaboration with our customers. Our goal is to find viable solutions with employee representatives and employees as quickly as possible.”
“Schaeffler to close plants in Austria and Britain as part of restructuring strategy” was originally created and published by Investment Monitor, a GlobalData owned brand.
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Publish date : 2024-11-28 03:49:00
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