GermanySchaeffler cuts 3,500 jobs, three quarters of them German.

With the late-2024 round, it will have shed a quarter of its workforce in Germany.

Schaeffler is closing four sites for overcapacity and cut its 2028 revenue forecast from €28bn to €25bn in July.

Executives and staff are being asked to waive part of their pay, with terms still under discussion.

How each outlet framed it

drawn from 100+ reports worldwide

Financial Times News leans critical
frames the cuts as overcapacity in production and R&D; notes the firm will have cut a quarter of its German workforce since 2024

Sources: Financial Times News