Schaeffler may slash 4,500 jobs

Ailing German auto parts maker Schaeffler warned yesterday it may have to cut up to 4,500 jobs as sales plunged by a third amid the crisis in the automobile sector.

"Due to lost sales, the group has to achieve annual labour cost savings of €250 million (Dh1.25 billion) in Germany. If we were to reach this goal through layoffs alone, it would correspond to roughly 4,500 jobs," the company said.

Juergen Geissinger, the head of the company added: "We have made it clear from the start that we want to prevent layoffs wherever possible. That is why we have focused on a number of other measures to reduce labour costs in Germany and save as many jobs as possible."

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