Schaeffler Plans to Reduce Workforce by 4,700 in Europe Amidst Growing Market Challenges

Schaeffler, the renowned German automotive and industrial supplier, has unveiled an aggressive restructuring plan that entails cutting around 4,700 jobs across Europe. This decision stems from the company’s need to improve its long-term competitiveness, which has been challenged by intense global competition and significant shifts within the automotive supply sector. The automotive industry is currently...