}
| 2:25 AM EST

Schaeffler to Cut Nearly 600 Jobs in Germany


#Schaeffler #facilities #europe

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Precision bearings maker Schaeffler AG will shed 575 jobs at its parts factory in Schweinfurt, Germany, over the next two to three years as it shifts production of wheel bearings from the facility to eastern Europe.

Schaeffler blames the relocation on high costs and competitive pressure. About 300 of the plant's workers will continue to produce other parts.

The company says it will hold talks with its unions about severance and early retirement terms. But the IG Metall union rejects Schaeffler's decision and is calling for a review of the company's business plan.

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