DGAP-News: Schaeffler AG: Schaeffler adjusts production in automotive business

Schaeffler adjusts production in automotive business
 

- Corona crisis requires rapid and flexible adjustments to production in Germany and Europe in automotive business

- Adjustments will be made in a location-specific manner and consider the specific needs of the divisions

- Joint package of measures agreed with employee representatives - implementation already underway

- The health of employees, protection of global supply chains, and support for customers have the highest priority

Herzogenaurach | March 19, 2020 | The increasing spread of the coronavirus in Europe has forced more and more companies during the past few days to significantly reduce or temporarily stop their production. As a result, the global automotive and industrial supplier Schaeffler will adjust its production capacities in Germany and Europe. Adjustments will be made in a location by location and will consider the specific requirements in the divisions. As before the health and safety of employees, the protection of supply chains, and the support for customers remain our highest priorities.

In order to implement the adjustments in a quick, efficient, and equitable manner, the company agreed a set of measures yesterday evening with employee and Works Council representatives that provides for a range of different instruments. This agreement is based on the conviction that the crisis can only be managed jointly, as the situation dictates, and in close collaboration with all those involved. The agreed set of measures comprises regulations regarding short-time work, which we have decided upon due to the crisis, in addition to proven instruments such as closure days, using hours in flextime accounts, and plant holidays. This package applies to all locations in Germany.

"The spread of the coronavirus presents a major challenge for all companies. Our top priorities at Schaeffler are to protect the health of our employees, keep our supply chains intact as far as possible, and minimize the impact of this crisis on our customers. We must therefore respond with speed and flexibility in order to adjust our production capacities specific to each location.

The package of measures which we agreed with employee representatives in Germany is a significant contribution to achieving this goal", said Klaus Rosenfeld, CEO of Schaeffler AG.

"As we have to reduce production in our plants in the light of this crisis, it was important to us that flexible solutions be quickly established, which are adapted to the individual locations in Germany and which affect our employees as little as possible," said Jürgen Wechsler, representative of IG Metall at Schaeffler AG.

Implementation of these measures has immediately started.

About Schaeffler
The Schaeffler Group is a leading global supplier to the automotive and industrial sectors. The portfolio includes high-precision components and systems for engine, transmission, and chassis applications as well as rolling and plain bearing solutions for a large number of industrial applications. The Schaeffler Group is already shaping "Mobility for tomorrow" to a significant degree with innovative and sustainable technologies for electric mobility, digitalization, and Industry 4.0. The technology company generated sales of approximately 14.4 billion euros in 2019. With around 87,700 employees, Schaeffler is one of the world's largest family companies and, with approximately 170 locations in over 50 countries, has a global network of manufacturing locations, research and development facilities, and sales companies. With just under 2,400 patent applications in 2019, Schaeffler is Germany's second most innovative company according to the DPMA (German Patent and Trademark Office).

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