Schaeffler to cut 3,460 jobs, close 5 sites by 2028
Business
Schaeffler, a Volkswagen AG supplier, is cutting 3,460 jobs and closing five sites across Europe (mostly in Germany) by 2028.
The company says it's reacting to lower demand and tougher competition from China as it tries to keep costs down.
Schaeffler eyes robot parts, defense tech
After the news broke, Schaeffler's shares dropped by 4.5%.
With the auto industry facing big changes (even Volkswagen and BMW are trimming jobs), Schaeffler is now exploring new areas like robot parts and defense tech.
CEO Klaus Rosenfeld put it simply: "We need to adjust our structures here so that we can continue to operate competitively in the future."
The company hopes these moves will help save €300 million a year from 2030.