| 10:27 AM EST

Schaeffler Will Cut 900 Jobs in Europe

#Schaeffler #europe


Facebook Share Icon LinkedIn Share Icon Twitter Share Icon Share by EMail icon Print Icon

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 Topics


  • 2016 Prius: The Fourth Generation

    The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).

  • How General Motors Develops World-Class Propulsion Systems

    Dan Nicholson is vice president of General Motors Global Propulsion Systems, the organization that had been “GM Powertrain” for 24 years.

  • Suzuki Refines Hayabusa Engine

    When Suzuki developed the GSX1300R, it set out to build the fastest mass-production motorcycle on the market. As competitors gained ground and stringent emission regulations were set, Suzuki set out to reinvent the bike.