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
2,800 jobs Number of planned job losses
Announcement Date
5 November 2024
Employment effect (start)
1 January 2025
Foreseen end date
31 December 2027
Description
As announced on 5 November 2024, the German automotive supplier Schaeffler plans to cut 4,700 jobs across Europe Schaeffler 2024 - EU. The company merged with Vitesco a month ago.
In Germany, 2,800 jobs at 10 locations are affected. According to union IG Metall, these include the locations in Berlin, Hameln, Herzogenaurach, Homburg, Karben, Nuremberg, Regensburg, Schwalbach, Schweinfurt, and Steinhagen. The reason for the job cuts is to maintain competitiveness in a challenging market environment. The measures are set to be implemented between 2025 and 2027, with expected annual savings of €290 million starting in 2029.
Following the merger, the company employs 120,000 people worldwide.
Eurofound (2024), Schaeffler, Merger/Acquisition in Germany, factsheet number 201905, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201905.
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