Supplier Schaeffler to cut 4,400 jobs, close or sell plants in Europe

Supplier Schaeffler to cut 4,400 jobs, close or sell plants in Europe

Most of the job reductions will take place at a dozen facilities in Germany and two sites elsewhere in Europe. Plants in Wuppertal, Eltmann and Clasthal-Zellerfeld will be shut or shopped to other companies, with the cuts expected to save the company as much as $354 million a year.

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