Schaeffler plans job cuts and five site closures

Schaeffler announced plans on Tuesday to cut 3,460 jobs across Europe, including 2,660 in Germany. Five sites in Dortmund, Morbach, Berlin, Schwalbach and Herstal in Belgium are to close completely in the medium term.

The cuts affect around nine percent of the German workforce and are due to be completed by 2028. The company cited falling sales of combustion-engine vehicles and persistently weak demand for electric cars among its reasons.