Major auto parts maker closes 5 sites, cuts 3,460 more jobs

TheStreet · Aparajita Chatterjee · 2026-11-06 12:07 UTC

German manufacturer Schaeffler faces another sweeping restructuring as industry troubles increase and workers protest.

Europe’s automotive industry is undergoing a difficult transformation, with some of the world’s biggest carmakers reducing production, eliminating thousands of jobs and reconsidering their manufacturing operations.

Consequently, the pressure is also spreading across the supply chain, affecting companies that produce components used in millions of vehicles. As demand changes and manufacturing costs rise, suppliers are being forced to reassess their operations and reduce their workforce.

German automotive and industrial supplier Schaeffler is the latest to announce another sweeping restructuring, including thousands of job cuts and multiple site closures. This news comes even as it completes an earlier workforce-reduction program.

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