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.
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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.”
