Industry: Schaeffler is cutting thousands of jobs in Germany

Dusseldorf. The automotive supplier Schaeffler wants to escape the ongoing industry crisis with a savings program. The company announced this on Tuesday. Schaeffler thus confirms information from company circles that Handelsblatt had previously reported on.

The ailing company is planning to cut 3,460 jobs across Europe. The austerity program focuses on Germany. 2,660 jobs are to be cut in this country. Around 800 jobs are in the rest of Europe.

It was only in June that the group had to reduce its medium-term goals for 2028. Schaeffler has just completed the latest severance program ahead of schedule. But even that apparently hasn't reduced costs enough to compensate for the worsening sales crisis in the German auto industry, which in turn is saving money on orders from suppliers.

Now the next restructuring at Schaeffler follows. A look at the details shows high sums that need to be achieved - and who has to forego what in the company to achieve this.