Schaeffler AG announces structural overhaul for competitiveness

The plans include 3,700 job cuts, synergies from the Vitesco merger, and capacity adjustments in Germany and Europe to save €290 million annually by 2029

In a press release on Nov. 5, Schaeffler AG announced a comprehensive program of structural measures aimed at enhancing its long-term competitiveness against the backdrop of a challenging market environment and the ongoing transformation in the automotive supply industry.