German auto supplier Schaeffler plans to close four locations in Germany. The announcement comes as the company reported weaker quarterly earnings, although it said it remains committed to its targets for this year and the years ahead.
Revenue for the quarter was €5.8 billion, marginally below the same period a year earlier. Operating profit declined 7.2% to €245 million, and the operating margin fell by 0.3 percentage points to 4.2%.
Schaeffler’s decision to close the four sites was reported in a business live blog. The available information did not identify the locations or provide a timeline for the closures.
Sources: FAZ.