German Auto Parts Maker Schaeffler to Cut Thousands of Jobs

A major restructuring initiative is set to lead to significant job reductions at a prominent German auto parts manufacturer. In an effort to enhance its market competitiveness, the firm is planning to cut approximately 4,700 positions across Europe. A substantial number of these job losses, about 2,800, will occur in Germany. The company currently has a workforce of around 120,000 employees. This move is part of larger efforts to adapt to market challenges and streamline operations.