Schaeffler plans to cut 4,700 jobs after a weak quarter

This corresponds to around 3.1 percent of the total workforce. The company, which employs 120,000 people worldwide following the merger, announced on Tuesday in Herzogenaurach, Franconia, that ten locations in Germany and five more in Europe would be affected. Two of the European locations are to be completely closed.

Implementation by 2027

The package of measures will be implemented in the years 2025 to 2027. From 2029, this is expected to save 290 million euros per year. 75 million euros of this are related to the merger with Vitesco. The measures require a one-time expenditure of around 580 million euros, it was stated.

"The program is necessary in the current environment to ensure the long-term competitiveness of the Schaeffler Group. We will implement it in a socially responsible and measured manner," said Schaeffler CEO Klaus Rosenfeld.

Biggest Setback in China

In the third quarter, revenue fell by 2.6 percent to 3.96 billion euros. Adjusted for currency effects, it was a decrease of 1.1 percent. While the spare parts business continued to perform well, revenues in auto supply and especially in business with other industries declined. Regionally, China experienced the biggest setback.