Schaeffler Germany Lay off Job Cut: Schaeffler Fires employees: Finance Trading Times

Schaeffler Germany Lay off Job Cut: Schaeffler Fires employees

Just some hours back it was General Motors GM which went for a massive lay off and now it is the turn of Germany based Schaeffler to fire employees.
Schaeffler Germany Lay off Job Cut
Yesterday Schaeffler (Official Site), which is the the second large company in the Germany automobile sector, decided to lay off temporary workers

The same reasons of industry slowdown, were cited by the Schaeffler Management. However, these developments have given sufficient pointers that the the labour market in Europe's biggest economy is having serious problems and may be on the verge of a decline.

As per the news reported, Car-parts maker Schaeffler said it felt "a marked slowdown in the deliveries to carmakers in recent months" and would therefore "significantly" reduce its temporary staff.

There are around 4,000 contract workers worldwide in Schaeffler. Apart from that, there are around 66,000 permanent employees world wide for Schaeffler. In a similar move, German truck and diesel engine group MAN said this week it would cut production and reduce its temporary workforce.

The slowdown at Schaeffler comes after the company took on €16.1bn ($21.6bn) in debt to finance a takeover of Continental.

Let's hope that alternative jobs are available to the affected employees of Schaeffler.
Have Comments or Questions? Please post them as comments using "Post our Comments" link below. Your queries will be responded for free in 24 hrs!

0 Comments: Post your Comments

Wish you all happy and fruitful trading and investing activities with safety! = = = Post a Comment

Copyright Information:
© Finance-Trading-Times.com
Please see Our Copy Right Policy. All the articles, posts and other materials on this website/blog are copyrighted to the owners of this portal. The content should NOT to be reproduced on any other website or through other medium, without the author's AND owners' permission. Contact: contactus(AT)finance-trading-times.com

DISCLAIMER: Before using this site, you agree to the Disclaimer. For Any questions or comments, please mail contactus(AT)finance-trading-times.com.

About UsAdvertise with UsCopyRight Policy & Fair Use GuidePrivacy PolicyDisclaimer