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Continuation of Automotive activities ensured by future orientation * Transfer of volume production of wheel bearings and socially-responsible reduction of approx. 400 jobs by the end of 2016 The Management Board and Works Council of Schaeffler Technologies AG & Co. KG have agreed on the transfer of wheel bearing production and associated personnel measures. Approximately 400 jobs will be cut in a socially-responsible manner at the Schweinfurt location by the end of 2016. At the same time, Automotive activities will be continued in the long term in Schweinfurt with approx. 430 employees working in the wheel bearings and special bearings sector, as well as in the development of new, forward-looking products. Employees are being informed today in employee meetings about the key points of the reconciliation of interests. As previously announced in June, Schaeffler will discontinue volume production of wheel bearings in Schweinfurt by the end of 2016 and transfer it to other locations. The background for this decision is the extreme pressure in terms of costs and competitors in this segment, which no longer enables wheel bearings to be manufactured economically at the Schweinfurt location. In contrast, Automotive jobs in development, design and sales will be maintained in the long term. Schaeffler will also increase the number of jobs for new, forward-looking Automotive products in the coming years in Schweinfurt. Around 85 jobs are already planned for specific projects. Schweinfurt will also be considered as a preferred location for further projects. "We can be assured that Automotive activities will continue in the long term at the Schweinfurt location with forward-looking products and approx. 430 employees", says Wolfgang Dangel, Member of the Executive Board Automotive of Schaeffler AG. In return, a total of approx. 400 jobs will be cut at the location by means of socially-responsible measures by the end of 2016. The Management Board and Works Council have agreed to extend this period by one year compared with the original plans in order to cushion the consequences of these measures. "Retaining wheel bearing production offers no permanent prospects and puts jobs at risk. We are placing our trust in forward-looking products. In return, we have implemented solutions, which allow the associated cuts to be made in a socially-responsible manner", says Norbert Lenhard, Chairman of the Central Works Council of Schaeffler Technologies AG & Co. KG and Chairman of the Works Council at the Schweinfurt location. Schaeffler in Schweinfurt is offering an additional 200 progressive retirement places over and above the previously agreed progressive retirement quota of four percent, which will allow employees a graduated transition into retirement. Furthermore, the Executive Board and Works Council have concluded special settlement agreements, which guarantee employees who leave the company voluntarily additional financial benefits on top of the benefits from the existing basic social compensation plan. The job cuts will also be implemented by means of internal transfers. An extensive range of training and qualification measures will prepare employees for the requirements of new products and technologies. FAG HCS71916C.T.P4S.UL| FAG HCS71913E.T.P4S.UL | FAG HCS71914C.T.P4S.UL | FAG HCS71912E.T.P4S.UL | FAG HCS71911E.T.P4S.UL | FAG HCS7010C.T.P4S.UL | FAG HCS71906E.T.P4S.UL | FAG HCS7008C.T.P4S.UL | FAG HCS71906C.T.P4S.UL | FAG HCS71905E.T.P4S.UL |
