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March 25, 2020

Schaeffler suspends 2020 guidance

Schaeffler has suspended guidance for the 2020 financial year for the Group and its divisions published on 10 March, 2020

By Rhodri Morgan

Schaeffler has suspended guidance for the 2020 financial year for the Group and its divisions published on 10 March, 2020.

On 19 March, 2020, the supplier finalised a package of measures in collaboration with employee and Works Council representatives for the purpose of adjusting production capacities in Germany and Europe to match the decline in automobile production.

In addition to instruments such as closure days, using hours in flexitime accounts and plant holidays, the package of measures agreed on also includes new short-time work regulations approved in response to the crisis. 

“The corona crisis is affecting all of us as well as the economy as a whole,” said Schaeffler CEO, Klaus Rosenfeld.

“But with the outstanding determination and commitment of our employees and our entire management team, I am confident we will manage this crisis successfully.”

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