Schaeffler Restructures European Operations to Enhance Competitiveness and Focus on Future Growth
(IN BRIEF) Schaeffler AG is restructuring its European operations to enhance competitiveness and align with industry changes. Key measures include closing the Berndorf, Austria, facility and shifting production to more cost-efficient sites, consolidating operations at Brasov, Romania, and realigning production and workforce at Kysuce, Slovakia. In the UK, declining demand for manual transmissions has led to plans to discontinue clutch production in Sheffield, with operations moving to Hungary and India. The changes will result in a net reduction of 3,700 jobs across Europe by 2027. Schaeffler aims to implement these changes with social equity, ensuring support for affected employees.
(PRESS RELEASE) HERZOGENAURACH, 27-Nov-2024 — /EuropaWire/ — Schaeffler AG has announced significant restructuring measures across its European operations, aiming to improve cost efficiency, streamline production, and align with evolving market demands. The changes, which affect both the Bearings & Industrial Solutions and Powertrain & Chassis divisions, are part of a broader strategy to address economic challenges and adapt to the automotive industry’s transformation.
Schaeffler plans to implement these measures, which will result in a net reduction of 3,700 jobs across Europe by 2027, with social equity as a guiding principle. Consultations with employee representatives are underway to ensure fair outcomes for those impacted.
Sascha Zaps, CEO of Bearings & Industrial Solutions, emphasized the need for consolidation, stating, “These changes will strengthen our bearings business and ensure long-term profitability.” Matthias Zink, CEO of Powertrain & Chassis, highlighted the strategic realignment, noting, “This restructuring aligns our clutch production with market demand while ensuring global competitiveness.”
These measures reflect Schaeffler’s dedication to adapting its operations for future growth while addressing current economic and industry challenges.
Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.
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Publish date : 2024-11-27 05:46:00
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