Schaeffler to cut 3,460 jobs in Europe and give up sites

Alongside its third-quarter results Schaeffler announced a further savings programme: 3,460 jobs are to go in Europe, 2,660 of them in Germany, affecting 16 European sites. Five sites are to be given up, four of them in Germany, including Dortmund (430 employees), Morbach (160) and Berlin (about 270) as well as Schwalbach; annual savings of €300m are targeted from 2030, with one-off costs of about €480m. IG Metall and the group works council criticise the plans, and details are still to be negotiated (dpa-AFX via finanznachrichten.de, 3 November 2026; second source: WirtschaftsWoche, 3 November 2026).