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
500 jobs Number of planned job losses
Announcement Date
9 November 2016
Employment effect (start)
9 November 2016
Foreseen end date
31 December 2019
Description
German vehicle parts manufacturer Schaeffer have announced plans to cut 500 jobs over the next three years. This is due to a weak economic climate and poor results in the first nine months of 2016, which has seen a 5.3% drop in revenue. The move is expected to save the company in the region of € 60 million by the end of 2019. This is the second wave of reduction measures, and will cover the company’s operations in North America as well as Germany. The cuts and savings will be within Schaeffer’s industrial division. The exact location of cuts in North America has not yet been announced, but the company has operations in Canada, Mexico, and the United States that may be affected.
Sources
9 November 2016: Drives N Controls
9 November 2016: Reuters
9 November 2016: Schaeffler (Press release)
Citation
Eurofound (2016), Schaeffler, Internal restructuring in World, factsheet number 89122, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89122.
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