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2024: Thousands laid off due to lack of money
On November 5, 2024, the German manufacturer of auto components Schaeffler announced a large-scale reorganization, during which thousands of employees will be laid off and some facilities will be closed. These measures are aimed at improving the financial situation against the background of the emerging macroeconomic situation and the crisis.
It is noted that the European automotive sector faces numerous difficulties: from high production costs and the transition to electric vehicles to falling demand and growing competition from China. Schaeffler developed a lack of funds, which led to the need for restructuring.
According to the official statement, in total, Schaeffler plans to reduce about 4.7 thousand jobs in various European divisions, including about 2.8 thousand in. Germany At the same time, thanks to the transfer of production, the number of personnel will not decrease so significantly - by 3.7 thousand people, which corresponds to 3.1% of the total number of employees. The reorganization will affect 10 enterprises in Germany and five more sites in other countries. Europe In this case, two objects will be completely closed.
 | Demand in many sectors remains weak, especially in Europe, and this leads to excess capacity at facilities in Germany and in other European countries. For these reasons, we need to make structural adjustments to optimize our base cost, consolidate operations and increase long-term competitiveness, the statement said. |  |
It is expected that the one-time costs associated with the measures taken will amount to €580 million. Reduced employees will receive cash payments due. At the same time, the cost savings, according to Schaeffler, will be at the level of €290 million per year, starting from 2029.[1]
2023
PromAvtoConsult bought Russian business Schaeffler
Moscow "PromAvtoConsult" bought the Russian business of the manufacturer of auto parts Schaeffler. The corresponding entry is registered in the Unified State Register of Legal Entities (USRUL) on December 15, 2023.
According to Interfax, citing data from this register, PromAvtoConsult LLC acquired 100% in the production and trading subsidiaries of the German concern - Sheffler Rus LLC (Ulyanovsk, production of auto components) and Sheffler Russland LLC (Moscow, product trade). The company "Sheffler Rus" produces bearings, gears, elements of mechanical gears and drives, and "Sheffler Russland" is engaged in the wholesale trade of operational materials and automotive components.
It follows from the same Unified State Register of Legal Entities that PromAvtoConsult LLC was registered in Moscow in early September 2022. The main activity of the company is consulting on commercial activities, market research, as well as the trade in automotive parts, components and accessories. From the moment of registration until the end of October 2023, Roman Vovk was the head and beneficiary of the company. By December 18, 2023, he is the beneficiary and general director of NN-Invest JSC, registered in Moscow in 2022, with a specialization similar to PromAvtoConsult, the agency notes. The owner and general director of PromAvtoConsult at the end of October 2023 was Alexander Gorlov.
At the end of November 2023, the president Russia Vladimir Putin signed an order that allows PromAvtoConsult LLC to acquire the Russian business of the German car parts manufacturer Schaeffler. Financial the terms of the deal were not disclosed by November 18, 2023.[2]
Plan to sell business in Russia to Siegfried Wolf
In March 2023, it became known that Schaeffler plans to sell its Russian division to Austrian businessman Siegfried Wolf, a member of Schaeffler's supervisory board for 10 million euros. As stated in the annual report of the group, the buyer is PromAvtoConsult LLC. The contract with him was concluded back in December 2022.
However, the change of ownership must still be approved by the government commission for monitoring the implementation of foreign investments. It is she who decides whether to let go of foreign business and on what conditions. Until now, only those who agreed to leave Russia, honestly transferring their assets to a new effective owner, did not have problems.
Faced with a massive exodus of foreign companies and a constant tightening of the sanctions regime, the government is trying to get guarantees that the buyer is able to ensure the smooth operation of his new asset.
Just in the case of Schaeffler, problems may arise. The German concern actually refused to cooperate with the GAZ group under the pretext that the automaker and its main beneficiary Oleg Deripaska fell under Western sanctions. It would seem that the sale of Schaeffler's Russian assets to a Russian company could remove these obstacles. However, not everything is so simple.
Despite the Russian registration, LLC PromAvtoConsult is controlled by Austria citizen Siegfried Wolf, a member of the supervisory board of Schaeffler Group. In a recent comment to the news agency Reuters , a Schaeffler spokesman confirmed that the buyer, like the concern itself, does not intend to violate the existing sanctions regime and does not intend to supply auto components produced in Russia to GAZ or another enterprise if this contradicts the sanctions policy. EU
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