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 29.2 - Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers
450 jobs Number of planned job losses
Announcement Date
7 May 2018
Employment effect (start)
7 May 2018
Foreseen end date
7 May 2021
Description
The German automotive supplier Schaeffler has announced it will cut 450 jobs in Germany due to internal restructuring. This comes as part of a future-oriented agreement which was signed three weeks ago by management, works council and the German Metalworkers’ Union. The job reductions are part of a plan to cut 950 jobs worldwide by 2021 which will result in a cost reduction of €60 million.
Schaeffler will try to avoid operational terminations and focus on socially acceptable solutions.
Currently, Schaeffler has 91,000 employees worldwide.
Sources
7 May 2018: Handelsblatt (online)
7 May 2018: Süddeutsche Zeitung (Online)
Citation
Eurofound (2018), Schaeffler, Internal restructuring in Germany, factsheet number 93995, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93995.
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