Automotive industry in crisis: supplier Schaeffler plans to cut 4,700 jobs

The extent to which Schaeffler Austria, with about 466 employees and a production plant in Berndorf, was affected was not yet clear on Tuesday morning. The company, which employs 120,000 people worldwide following its merger with rival Vitesco, announced at its headquarters in Herzogenaurach, Franconia, that ten sites in Germany and a further five in Europe will be affected. Two of the five European sites will be completely closed. The package of measures will be implemented between 2025 and 2027. The goal is savings of 290 million euros per year from 2029, it said.