Schaeffler, a major automotive and industrial supplier based in Herzogenaurach, is considering job cuts due to its upcoming merger with Vitesco, an electric drive specialist.
CEO Klaus Rosenfeld indicated that the merger may lead to redundancies as the companies streamline operations, stating, "We need no two headquarters. Certain functions are duplicated, and we will have to cut selected positions." However, he emphasized that the scale of job losses would not match ZF's recent announcement of 14,000 cuts.
The merger aims to achieve annual savings of approximately 600 million euros, primarily through operational efficiencies rather than personnel reductions. Together, Schaeffler and Vitesco employ around 120,000 people.
Rosenfeld anticipates strong growth in the electric mobility sector post-merger and reaffirmed the automotive industry's commitment to electric vehicles, asserting, "I cannot see our customers developing entirely new generations of combustion engines."
In the industrial sector, Schaeffler expects reduced profits due to changing market conditions, particularly in China, where competition is intensifying. Nonetheless, Rosenfeld confirmed that Schaeffler will not withdraw from the Chinese market despite lower margins.