The automotive and industrial supplier in Herzogenaurach Schaeffler is cutting 1,300 jobs in its car division worldwide. Around 1000 jobs fall into Germany away, the company announced on Tuesday. Almost three quarters of the capacity reductions relate to jobs in administration and central functions in the area of research and development for combustion engines, the rest are jobs in production.
In Germany, the locations in Herzogenaurach, Bühl and Homburg are mainly affected. The drive change towards electromobility is coming faster than expected, said Schaeffler CEO Klaus Rosenfeld (56). The job cuts are a reaction to this, not a consequence of the gas and energy crisis.
With the job cuts, the automotive supplier wants to further reduce costs. The cuts should bring cost savings of around 100 million euros per year, which should essentially be achieved by 2026.
In the third quarter, the automotive supplier significantly increased business compared to the same quarter of the previous year, which was affected by the corona virus. Total sales increased by 27.3 percent to 4.24 billion euros, as the SDax company announced on Tuesday in Herzogenaurach. the share
jumped more than 8 percent Tuesday morning.
The automotive supplier division, which was badly affected a year ago, was able to increase by a third more significantly. The weak euro also helped. Earnings before interest, taxes and special effects climbed by a good third to 355 million euros. That was significantly more than what analysts had previously expected on average. The bottom line is that the net result grew by a good 13 percent to 169 million euros. Schaeffler is sticking to its forecast for the year.