The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture Of Parts And Accessories For Motor Vehicles
4,700 jobs Number of planned job losses
Announcement Date
5 November 2024
Employment effect (start)
1 January 2025
Foreseen end date
31 December 2027
Description
German automotive and industrial supplier Schaeffler has announced that it will cut 4,700 jobs across Europe.
So far, the company has revealed that 2,800 positions are expected to be cut in Germany. The layoffs will impact ten locations in Germany and an additional five in Europe, with two sites set for complete closure. The conditions of the programme are negotiated with employee representatives according to local regulations.
The programme follows the company’s merger with Vitesco, and the reduction represents about 3.1% of the global workforce. The restructuring, scheduled from 2025 to 2027, is expected to save €290 million annually starting in 2029, with €75 million linked to merger-related costs. The job cuts come due to intense competition from Asia and Europe's declining competitiveness, largely attributed to inflation and high energy costs.
Founded in 1946, Schaefller has 250 locations in 55 countries and employs about 120,000 people worldwide.
The factsheet for the part of the cut happening in Germany can be found here: Schaeffler -DE - 2024
Eurofound (2024), Schaeffler, Merger/Acquisition in European Union, factsheet number 201900, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201900.
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