Schaeffler AG

  • WKN: SHA015
  • ISIN: DE000SHA0159
  • Land: Deutschland

Nachricht vom 09.09.2020 | 15:19

Schaeffler AG: Schaeffler AG adopts additional structural measures

Schaeffler AG / Key word(s): Miscellaneous
Schaeffler AG: Schaeffler AG adopts additional structural measures

09-Sep-2020 / 15:19 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Schaeffler AG adopts additional structural measures

- Plans include net workforce reduction by 4,400 in Germany and Europe by the end of 2022, focusing mainly on twelve locations in Germany and two elsewhere in Europe

- Potential annual savings of 250-300 million euros to be 90 percent realized by 2023, transformation costs of about 700 million euros

HERZOGENAURACH | September 9, 2020 | The Board of Managing Directors of Schaeffler AG (ISIN DE000SHA0159, WKN SHA015) today adopted an additional package of measures that is designed to accelerate the Schaeffler Group's transformation and strengthen its ability to compete and realize future opportunities. The package of measures has two broad aims. The first is to downsize structural overcapacity and consolidate Schaeffler's locations in Europe, focusing in particular on Germany. The second is to strengthen the company's competitiveness and build up local capabilities at selected locations in Germany. The structural measures, which the company aims to have largely implemented by the end of 2022, relate mainly to twelve locations in Germany and two further locations elsewhere in Europe.

Although in recent months demand has picked up across all of Schaeffler's three divisions and four regions, uncertainty surrounding the pandemic outlook and the resulting economic downturn remains high. Moreover, market and revenue projections for the five years to 2025 point to a slow recovery, resulting in structural overcapacity at the company's production plants. The automotive industry, which was already undergoing structural transformation amid the move to electrification, has been hit hard by the COVID-19 crisis. In a sharp decline, global vehicle production for 2020 is forecast to be down 20 percent year on year, and a return to pre-crisis levels is not expected until 2024 at the earliest. Global industrial production has also been significantly impacted, with estimates for 2020 pointing to a downturn of between 8 and 12 percent.

In light of this economic environment, it is now vital for Schaeffler to take further structural measures in addition to the current temporary measures, which the company will continue to make full use of.

Capacity downsizing and consolidation of locations

While the capacity downsizing and consolidation measures will affect Schaeffler's larger locations in Herzogenaurach, Bühl, Schweinfurt, Höchstadt and Homburg, most of the impact will be felt at locations with technologically obsolescent product portfolios or highly fragmented plant structures. The latter include the Wuppertal, Luckenwalde and Eltmann plants, the company's engineering location in Clausthal-Zellerfeld, and its Automotive Aftermarket operations in Hamburg and Cologne.

Having explored all options for the Wuppertal plant over a period of several years, Schaeffler can no longer rule out plant closure. The company will, however, endeavor to retain as many jobs as possible in Germany under a partial relocation of production. For the Luckenwalde location, a partial relocation of activities is planned. At the same time, the company is actively looking for alternative uses and sale options. All production at the Eltmann site will be transferred to Schweinfurt, thereby retaining the majority of jobs by moving them to a location nearby. Already, the Eltmann site manufactures primarily for the Schweinfurt site, so the change is effectively a production integration measure. The Clausthal-Zellerfeld location will be closed, unless a buyer can be found in the short term. Wherever feasible, employees at the company's Automotive Aftermarket operations in Hamburg and Cologne will be given the option of working from home.

There are also plans to reduce administrative overheads in Schaeffler's corporate functions and within its divisions. This applies mainly to the Herzogenaurach, Schweinfurt, Bühl and Homburg locations.

The specifics of the plans for each of the various locations will be outlined at local employee meetings. No final outcomes can be released until after the negotiations with employee representatives on the required reconciliation-of-interests agreements (Interessenausgleiche) have been finalized.

In total, the measures will result in a net workforce reduction of about 4,400 jobs in Europe. The bulk of these will be in Germany. All three of the group's divisions and all of its corporate functions will contribute to the measures.

Strengthening competitiveness and expanding local capabilities

The second part of the package of measures involves clustering and consolidating local technology and production capabilities at the Schaeffler Group's locations in Herzogenaurach, Höchstadt, Bühl and Schweinfurt. This will strengthen selected locations in Germany and boost the competitiveness of the company as a whole. In addition, the Automotive Aftermarket division's headquarters in Langen will be expanded by means of employee transfers.

Potential savings of 250-300 million euros, freed-up capital to be reinvested in future projects in Germany

It is envisaged that 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. About half of these savings are expected to come from the Automotive OEM and Industrial divisions, with the Automotive Aftermarket division contributing only a minor share. The measures will generate transformation expenditures of about 700 million euros, most of which is expected to be recognized as a provision in the financial statements for 2020. The capital freed up as a result of implementing the package of measures presented today will be reinvested in key growth areas of business and technology in Germany.

Socially responsible implementation on the basis of Future Accord

The package of measures will be implemented in a socially responsible manner on the basis of the Future Accord signed between Schaeffler and the IG Metall trade union in 2018. The company is currently engaged in constructive dialog with employee representatives with the aim of implementing the structural measures using a diverse mix of tools.



Dr. Axel Lüdeke
Vice President Business and Financial Communications
Schaeffler AG, Herzogenaurach, Germany

Phone +49 9132 82 5000
Renata Casaro
Head of Investor Relations
Schaeffler AG, Herzogenaurach, Germany
Phone +49 9132 82 4440
Bettina Lichtenberg
Vice President Corporate Communications
Schaeffler AG, Herzogenaurach, Germany

Phone +49 9132 82 5000
Daniel Györy
Investor Relations
Schaeffler AG, Herzogenaurach, Germany
Phone +49 9132 82 4440

09-Sep-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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