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Germany’s Schaeffler to cut 500 jobs at industrial unit

Germany’s Schaeffler AG said it would cut up to 500 jobs at its industrial division to trim costs and revive earnings after the unit’s first-half profit and sales, excluding currency effects, declined.

Most of the job cuts at Schaeffler’s industrial operations will be in Germany and Europe through the end of 2017, the company said on Thursday, adding it would avoid forced layoffs and plant closures. Schaeffler has a total of 83,774 employees.

Schaeffler’s industrial business has been suffering from slow delivery chains and poor regional sales operations, a spokesman for the Herzogenaurach, Germany-based group said.

First-half operating profit at the unit, which makes rolling bearings, fell 1.7 per cent to 171 million euros ($190.22 million). Its sales were up 7.5 per cent to 1.7 billion euros but slid 0.8 per cent if currency tailwinds were excluded.

Buoyed by solid automotive results, the family-owned group nonetheless affirmed its full-year guidance for sales growth of 5-7 per cent, compared with 8.2 per cent in 2014, and an operating of between 12 and 13 per cent, after 12.6 per cent last year.

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Germany’s Schaeffler to cut 500 jobs at industrial unit

Author : Lee Pearson   From : Bearingnet   Release times : 2017.10.03   Views : 1544

Germany’s Schaeffler AG said it would cut up to 500 jobs at its industrial division to trim costs and revive earnings after the unit’s first-half profit and sales, excluding currency effects, declined.

Most of the job cuts at Schaeffler’s industrial operations will be in Germany and Europe through the end of 2017, the company said on Thursday, adding it would avoid forced layoffs and plant closures. Schaeffler has a total of 83,774 employees.

Schaeffler’s industrial business has been suffering from slow delivery chains and poor regional sales operations, a spokesman for the Herzogenaurach, Germany-based group said.

First-half operating profit at the unit, which makes rolling bearings, fell 1.7 per cent to 171 million euros ($190.22 million). Its sales were up 7.5 per cent to 1.7 billion euros but slid 0.8 per cent if currency tailwinds were excluded.

Buoyed by solid automotive results, the family-owned group nonetheless affirmed its full-year guidance for sales growth of 5-7 per cent, compared with 8.2 per cent in 2014, and an operating of between 12 and 13 per cent, after 12.6 per cent last year.

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