Job cuts cause a price jump at Schaeffler

Dusseldorf The automotive and industrial supplier Schaeffler convinced shareholders on Tuesday with surprisingly strong figures and the planned elimination of 1,300 jobs in the automotive division worldwide. The shares rose by ten percent at the top and thus led the SDax small-cap index.

Analysts at US bank JP Morgan praised Schaeffler for posting a “resilient” third quarter in a difficult operating environment. For the year as a whole, the group is sticking to its forecast of sales growth of six to eight percent.

The company justified the measure to cut a further 1,300 of its almost 83,000 jobs worldwide by 2026 with a faster than expected transformation away from combustion engines to e-mobility.

It is the second transformation program within a short period of time at the Franconian group. In 2020, Schaeffler announced that it would cut 4,400 jobs.