The automotive supplier with factories in Hungary will close five European sites

Schaeffler plans to cut 3,460 jobs and close five sites in Europe due to declining demand for internal combustion engine vehicles and slow electric transition. Most job losses will occur in Germany, affecting 16 locations. The closures include sites in Dortmund, Morbach, Berlin, Schwalbach, and Herstal, Belgium. Some workers may relocate to Frankfurt. The company anticipates a €300 million annual improvement by 2030, with one-time costs around €480 million. Schaeffler operates factories in Hungary but did not specify any affected sites there.