Mexican Media Brands
Schaeffler Will Cut 900 Jobs in Europe
German bearings supplier Schaeffler AG says it will shed 900 jobs and may close as many as five small factories after posting a 13% drop in pretax earnings for 2018.
#workforcedevelopment
Share
German bearings supplier Schaeffler AG says it will shed 900 jobs and may close as many as five small factories after posting a 13% drop in pretax earnings for 2018.
The cutbacks, most of them in Germany, are part of a multi-year restructuring program that will cost the company €60 million ($67 million) in 2019.
Schaeffler calls the initiative RACE, which is short for “regroup automotive for higher margin and capital efficiency.” The effort, which began in January, is headed by Matthias Zink, CEO of the company’s automotive unit.
RACE will cover the supplier’s engine, transmission, chassis and e-mobility divisions. Zink says the aim is to quickly consolidate operations in Europe, then boost the company’s EBIT margin into the high single digits within four years.
RELATED CONTENT
-
Bill Ford Describes Trump Meeting Over Mexico Jobs
Ford Motor Co. Chairman Bill Ford reveals he met with Republican presidential candidate Donald Trump a few months ago to discuss Trump’s “infuriating” comments about the company’s activities in Mexico.
-
Ford May Cut Global Workforce by 10%
Ford Motor Co. plans to reduce its global headcount by about 10%, or 20,000 employees, sources tell The Wall Street Journal.
-
GM HR Chief Quits After 8 Months
General Motors Co.’s chief human resources officer has resigned for “personal reasons” after less than eight months in the position.