Schaeffler suspends forecast for 2020

Forecast for 2020 is suspended
Package of measures to deal with the crisis in implementation
New forecast will be made later

The Management Board of Schaeffler AG has suspended the forecast for 2020 for the Schaeffler Group and its divisions published on March 10, 2020 due to the global corona crisis and the resulting measures and restrictions. From today's perspective, neither the further course nor the economic effects can be reliably estimated. A new forecast will be given as soon as possible.

The package of measures already agreed on March 19, 2020 with the employee representatives and the works council representatives to adapt capacities in Germany and Europe, particularly in the automotive business, to the declining demand will be implemented as agreed. The Management Board has also agreed with the employee representatives and the works council representatives on additional measures for areas outside of the plants that will be implemented at short notice.

The agreed package of measures includes the tried-and-tested instruments, such as closing days, the reduction of flextime accounts and company holidays, as well as the regulations on short-time work that were newly adopted in the wake of the crisis. The package enables quick and flexible solutions for the various locations, which should affect the employees concerned as little as possible.

“The corona crisis affects us like the entire economy. At Schaeffler, we reacted quickly and consistently. With the firm will and the great commitment of our employees and the entire management team, I am confident that we will successfully overcome this crisis, ”says Klaus Rosenfeld, CEO of Schaeffler AG.

Forward-looking statements and forecasts
Certain statements in this press release are forward-looking statements. Forward-looking statements are inherently associated with a number of risks, uncertainties and assumptions that may cause actual results or developments to differ materially from those expressed or implied in the forward-looking statements. These risks, uncertainties and assumptions can adversely affect the results and the financial consequences of the projects and developments described in this document. There is no obligation to update or change any forward-looking statements based on new information, future developments or other reasons by public announcement. The recipients of this press release should not disproportionately rely on forward-looking statements that only reflect the status at the date of this press release. Statements contained in this press release regarding trends or developments in the past should not be viewed as statements that these trends and developments will continue in the future. The warning notices listed above should be viewed in connection with future oral or written forward-looking statements made by Schaeffler or by persons acting on their behalf.