Schaeffler Group, a leading German automotive and industrial supplier, has announced that it is cutting thousands more jobs and closing four German plants, as part of intensifying its cost-cutting measures. The company plans to cut an additional 3,460 jobs in Europe, including 2,660 of them in Germany, which is about nine percent of the group’s current workforce of just under 32,000 employees in the country. Added to previously announced programs, Schaeffler will thus be eliminating about 18 percent of its German jobs.

Schaeffler plans to restructure and, in some cases, scale back production at its facilities. In addition, the remaining workforce is expected to voluntarily accept cuts to their salary over the next two years. This is part of one-time cuts of 480 million euros. “Without this solidarity contribution, the job cuts would have been even greater,” the company statement reads.