Schaeffler Cutting Production, Contract Workers

Resource from: CBCC Likes:2934

Nov 17,2008

Schaeffler Group (Germany, privately-held parent of LuK, INA and FAG bearings) will lay off a "significant" number of its 4,000 contract (part-time and temporary) workers, while cutting production by an unspecified amount. Most of those contract workers are in Germany. In a statement, Schaeffler blamed, "a marked slowdown in the deliveries to carmakers in recent months" as the catalyst for making the move. Additionally, Schaeffler CEO Juergen Geissinger said the company will be reducing 2009 capital expenditures by a third or more from 2008. Continental, on track to be formally acquired by Schaeffler, two weeks ago announced plans to lay off as many as 5,000 temporary workers worldwide.

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