Restructuring events
European Restructuring Monitor (ERM)
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.
German automotive and industrial supplier Schaeffler has announced that it will cut 4,700 jobs across Europe.
So far, the company has revealed that 2,800 positions are expected to be cut in Germany. The layoffs will impact ten locations in Germany and an additional five in Europe, with two sites set for complete closure. The conditions of the programme are negotiated with employee representatives according to local regulations.
The programme follows the company’s merger with Vitesco, and the reduction represents about 3.1% of the global workforce. The restructuring, scheduled from 2025 to 2027, is expected to save €290 million annually starting in 2029, with €75 million linked to merger-related costs. The job cuts come due to intense competition from Asia and Europe's declining competitiveness, largely attributed to inflation and high energy costs.
Founded in 1946, Schaefller has 250 locations in 55 countries and employs about 120,000 people worldwide.
The factsheet for the part of the cut happening in Germany can be found here: Schaeffler -DE - 2024
UPDATE 27/11/2024:
It is announced that Schaffler plans to close its bearing plant in Austria and clutch production in the UK. In the Austrian site, about 466 people were employed by the end of 2023. Production capacities will be taken over by sites in Slovakia and Romania, but these locations will also be affected by staff reductions. The changes will be implemented from 2025 to 2027 in a socially compatible manner.
Eurofound (2024), Schaeffler, Internal restructuring in World, factsheet number 201900, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201900.
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