Azernews.Az

By Alimat Aliyeva

Following the example of the German Volkswagen company, which has recently faced a serious crisis, Schaeffler has also announced austerity measures, Azernews reports.

According to the decision, 4,700 people will be laid off across Europe, including 2,800 in Germany. These job cuts will represent 3.1 percent of the company's total workforce.

Schaeffler, one of the ten largest automotive suppliers in the world, made this decision just a month after merging with Vitesco, which operates in the same industry. After the merger, which added Vitesco’s 35,000 employees to Schaeffler’s workforce, the company now employs 120,000 people in total. The workforce reduction will impact 10 of Schaeffler’s facilities in Germany and five others in Europe. Two of these five locations will be completely shut down.
The company plans to implement these changes between 2025 and 2027, which is expected to result in savings of 290 million euros per year starting in 2029.

In addition to cost-cutting measures, Schaeffler may invest in developing new products related to electric mobility and digitalization, which could offset some of the workforce reductions in the long term.