The Schaeffler Group plans to close five European plants and lay off workers. This auto parts supplier is facing a situation where demand for auto parts continues to be sluggish and local costs are high in Germany. The manufacturer of ball bearings and hybrid drive systems said on Tuesday that it will cut 3,460 jobs in Europe, about three-quarters of which are in Germany. The above measures are expected to save around 300 million euros per year from 2030, and will also generate about 480 million euros in one-time expenses. This reduction in production capacity is aimed at eliminating overcapacity, simplifying the business structure, and reducing the scale of R&D investment.

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