Schaeffler
“Aggressive measures” should not exist at the supplier for the time being.
Munich The supplier shaken by the car crisis Schaeffler wants to avoid short-time working and layoffs with punctual plant holidays. “It starts with a few closing days,” said CEO Klaus Rosenfeld on Tuesday in a conference call to explain the quarterly balance sheet. In an interview with the employee representatives, work overtime and holidays would be reduced plant by plant. This takes precedence over “more aggressive measures such as short-time working,” said Rosenfeld.
Schaeffler had announced in March the reduction of Europe-wide about 900 of the 55,000 jobs. At the end of July, auto and industrial subcontractors cut their financial targets for the current year following a collapse in the second quarter. The reason for this is the decline in global automobile production. With the detailed quarterly report Rosenfeld confirmed on Tuesday the already provisional published figures: “The development in July supports what we have promised.”
Instead of an operating return on sales of eight to nine percent before special items, the Group expects only seven to eight percent for the full year. At best, currency-adjusted sales would grow by one percent. In the second quarter broke the operating profit by 30 percent to 284 million euros. Sales shrank by one percent to 3.6 billion euros.
More: At present, all German auto suppliers are in a bad way. Schaeffler is also affected. That’s a consequence of the global auto crisis.