}
| 10:12 PM EST

Schaeffler to Shed As Many As 750 Jobs in Germany


#Schaeffler #europe

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Precision bearings maker Schaeffler AG plans to dismiss as many as half the 1,500 workers at its factory in Wuppertal, Germany, according to the IG Metall union.

Schaeffler blames the cuts on sluggish orders for the wind turbine components made there, the union tells Westdeutsche Zeitung. IG Metall and the local works council say they are pushing the company to find alternatives that would preserve jobs.

Schaeffler's operating earnings tumbled by one-third to €1.4 billion last year despite a 4% revenue gain to €11.1 billion. The company's industrial unit performed worse than its auto business.

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