Schaeffler to Cut 3,460 More Jobs in Europe
The German auto supplier said the cuts represent around 3.2% of its global workforce, citing an intensifying automotive industry downturn.
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08:13:05 AM UTC
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UPDATE 1-Schaeffler to cut jobs, close five plants in Europe as auto sector gloom deepens Adds sites
08:13:24 AM UTC
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German auto supplier Schaeffler XETR:SHA0 said on Tuesday it would cut 3,460 jobs and close five sites in Europe as it responds to weakened demand for combustion-engine cars, slower-than-expected adoption of electric vehicles and intense competition.CEO Klaus Rosenfeld said the measures were intend…
By Dominic ChoppingSchaeffler said it would cut a further 3,460 jobs in Europe, representing around 3.2% of its global workforce, as part of fresh plans to cut costs as the automotive industry downturn intensifies.The German auto industry supplier said Tuesday that the environment is persistently c…