Schaeffler, the automotive supplier, will close five of its sites, eliminating more than three thousand jobs

Schaeffler, the German automotive supplier, announced the closure of five European sites and the elimination of 3,460 jobs due to declining demand for internal combustion engine vehicles and increased competition. The layoffs will affect 16 locations, primarily in Germany and Belgium, with significant job losses expected by 2028. The company aims to save approximately €300 million annually by 2030, despite incurring one-time costs of around €480 million. CEO Klaus Rosenfeld emphasized the need for competitiveness amid rising labor costs in Germany and confirmed the commitment to dividend payments. The restructuring reflects broader pressures on the German automotive supply chain, with major manufacturers like Volkswagen and Mercedes-Benz also implementing cost-cutting measures.