Supplier Layoffs Planned at Schaeffler, Continental as Economy Dies

Germany’s Schaeffler AG will reportedly be eliminating 4,400 jobs and abandoning several facilities in its home country as the supplier confronts what it dubbed complications relating to the global pandemic. Like Continental, which is actually controlled by the same people, Schaeffler has been coping with lessened demand after automakers around the globe shut down earlier this year as a precautionary measure. While the coronavirus lockdowns can’t be faulted for every issue the companies are facing, they have been a thorn in the side of parts suppliers everywhere.

Continental announced it would need to eliminate roughly 13 percent of its workforce last week. That’s roughly 30,000 fewer jobs. Schaeffler’s restructuring plan only calls for eliminating 4,000 positions. However, it is the smaller of the two and has decided to spread its cuts out as much as possible.

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