New Delhi, September 28: German machine and car parts maker Schaeffler will reportedly lay off a portion of its workforce following its merger with Vitesco Technologies, an electric vehicle (EV) components manufacturer. The decision can be seen as to streamline its operations and increase efficiency as part of a restructuring effort. The exact number of job cuts remains unclear.
Schaeffler, a German company that produces machinery and car parts, is planning to reduce its workforce as part of its merger with Vitesco. According to reports, Klaus Rosenfeld, the CEO of Schaeffler, shared this information with the German business weekly WirtschaftsWoche. General Motors Layoffs: US-Based Automobile Company GM Announces 2nd Round of Layoffs, Likely To Affect Around 1,700 Employees at Fairfax Assembly Plant in Kansas To Streamline Operations.
As per a report of Reuters, Schaeffler is to implement job cuts after the Vitesco merger. The CEO of Schaeffler AG, Klaus Rosenfeld, reportedly hinted that personnel adjustments are necessary after the merger with Vitesco. According to several reports, Schaeffler plans to grow its range of products for electric vehicles and is optimistic about growth in this area, even though the market in China is challenging.
The German company, which makes machinery and car parts, will also be reducing its workforce as part of its merger with Vitesco, a company that specialises in electric vehicle components. While the exact number of jobs that will be cut is not specified, it is expected to be fewer than 10,000.
As per multiple reports, Schaeffler also names a new CFO ahead of the expected merger. Reuters also further reported that German car part maker Schaeffler announced the appointment of Christophe Hannequin as its new Chief Financial Officer. Schaeffler also has reportedly announced the appointment of Vitesco Technologies’ Thomas Stierle as head of the company’s new E-Mobility division. Northvolt Layoffs: Swedish EV Battery Maker Lays Off Around 1,600 Employees Amid Cost Cutting Measures.
These announcement comes before Schaeffler’s scheduled merger with Vitesco Technologies, which is expected to take place on October 1. The two companies reportedly reached an agreement for the takeover last November, and Schaeffler’s goal is to strengthen its focus on producing parts for electric vehicles.
(The above story first appeared on LatestLY on Sep 28, 2024 12:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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