Board of Managing Directors adopts additional structural measures to further transform the Schaeffler Group and strengthen competitiveness
Package of measures with two broad aims: (1) downsize capacity and consolidate locations and (2) strengthen competitiveness and expand local capabilities
Plans include net workforce reduction by 4,400 in Germany and Europe by the end of 2022, focusing mainly on twelve locations in Germany and two elsewhere in Europe
Sites in Herzogenaurach, Bühl, Schweinfurt, Langen and Höchstadt to be strengthened by clustering technology and production capabilities and investing in future growth areas
Potential annual savings of 250–300 million euros to be 90 percent realized by 2023, transformation
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