Forecast withdrawn due to corona pandemic

The German automotive supplier Schaeffler is withdrawing its business forecast after only two weeks due to current developments in the Corona pandemic. At the same time, a package of measures is being implemented.

Due to the worldwide spread of the corona crisis and the resulting measures and restrictions, the Management Board of Herzogenaurach/Germany based Schaeffler AG today suspended the guidance for the 2020 financial year for the Schaeffler Group and its divisions that was published on March 10, 2020. From today’s perspective, neither the further course of developments nor the economic implications can be reliably estimated. A new guidance will be issued once this is possible.
The package of measures designed to adjust capacities in Germany and Europe (particularly in the automotive sector) to the decline in demand that was finalized in collaboration with the employee and Works Council representatives on March 19, 2020 is being implemented as agreed. The Management Board has also agreed upon additional measures for areas outside its plants with the employee and Works Council representatives, and these will be implemented shortly.

In addition to proven instruments such as closure days, using hours in flexitime accounts, and plant holidays, the package of measures that was agreed upon also includes new short-time work regulations that have been approved in response to the crisis. The package will allow fast and flexible solutions that represent the least possible burden for the employees affected to be implemented at the various locations.
»The corona crisis is affecting all of us as well as the economy as a whole. At Schaeffler, we have responded quickly and consistently. With the firm determination and outstanding commitment of our employees and our entire leadership team, I am confident that we will manage this crisis successfully, « explains Klaus Rosenfeld, CEO of Schaeffler AG.