Job Cuts at Senior German Automobile Sector Supplier Schaeffler

Schaeffler Group, a leading German supplier to automotive companies and other industrial branches, has announced the reduction of 4,700 jobs in Europe, 2,800 of them in Germany. Ten German locations are affected, the company announced, as well as five other locations in Europe, two of which are to be closed completely. The group, which has suffered from sinking orders from the automobile sector of Germany in particular, employs 120,000 people worldwide.