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.
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.
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