Schaeffler to cut about 750 jobs

Resource from: BDlive Likes:273

Apr 18,2013

German union IG Metall said on Sunday that car parts supplier Schaeffler planned to cut about half of the 1,500 jobs at a west German facility. Schaeffler, a family-owned company, informed staff representatives and IG Metall about the planned lay-offs at its Wuppertal-based site on Friday, the union said. IG Metall has urged the management of Schaeffler, which holds nearly 50% of tyre manufacturer Continental, to negotiate alternative steps to prevent the job losses. Staff representatives will brief workers at the site on Monday before making press statements. Schaeffler could not be reached for comment on Sunday. Europe’s car-sales contraction accelerated in February, with a 10% drop to 829,359 vehicles, as a steeper decline in Germany, the region’s biggest market, hurt previously resilient Volkswagen, BMW and Daimler. The three are key customers for Schaeffler and Continental. Last month Schaeffler CEO Juergen Geissinger said demand in North America and Asia would make up for a drop in Europe to allow sales growth this year. Revenue was expected to rise by about 4% this year, while global vehicle production would increase by about 2%, he said last month.

(BDlive)

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