German auto supplier Schaeffler to cut 3,460 jobs as crisis deepens
Daily Sabah · Agence France-Presse - AFP ·
Top German auto parts supplier Schaeffler, whose customers include major European car brands, announced Tuesday that it planned to cut almost 3,500 jobs...
Top German auto parts supplier Schaeffler, whose customers include major European car brands, announced Tuesday that it planned to cut almost 3,500 jobs and close five sites in Europe as the crisis gripping the region's car industry deepens.
Like other German carmakers and suppliers, the group has struggled with competition for its key products, which include ball bearings and electric vehicle parts, especially from Chinese manufacturers.
Three-quarters of the 3,460 job cuts and four of the five site closures will be in Germany, the company said in a statement, pointing to "above-average" labor costs in Europe's top economy.
Read the full story at Daily Sabah · All coverage of this story