BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Schaeffler AG (SCFLF.OB) said its Board of Managing Directors has adopted an additional package of measures at group and divisional program level to accelerate the Group's transformation. The measures will result in a net workforce reduction of about 4,400 jobs focusing mainly on twelve locations in Germany and two elsewhere in Europe.
The Group said the package of measures will yield potential savings of 250-300 million euros annually, of which 90 percent is expected to be realized by 2023. The measures will generate transformation expenditures of about 700 million euros, most of which is expected to be recognized as a provision in the 2020 financial statements.
Schaeffler AG said the package of measures aims: downsize capacity and consolidate locations and; strengthen competitiveness and expand local capabilities. The Group's sites in Herzogenaurach, Bühl, Schweinfurt, Langen and Höchstadt will be strengthened by clustering technology and production capabilities and investing in future growth areas.
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