Schaeffler plans 3,460 job cuts and five factory closures

German car-parts supplier Schaeffler plans to cut 3,460 jobs across Europe and close five production sites as it responds to pressure on the region’s automotive industry. Most of the job losses will be in Germany, and the company says the reductions should save about €300 million a year from 2030.

Around 2,660 jobs are due to go in Germany. Four of the five sites earmarked for closure are there; the fifth is in Belgium. Production workers will be most affected, followed by staff in research and development, according to a report by ANP carried by Nieuws.nl.

Schaeffler points to a crisis in Europe’s car industry and says it needs further measures and structural changes. The company cites weak demand for conventional combustion-engine cars, the slow growth of electric mobility, high labour costs in Germany and what it describes as excessive management layers.

The cuts come amid broader competition in the sector, including from China, the report says. It does not give a timetable for the closures or detail how the job reductions will be carried out.