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According to foreign media reports, the profit of German bearing manufacturer Schaeffler fell sharply in 2018 due to weak market demand in Europe and China. The company expects that the * * economy will slow down further in the next few years, and the environment facing the * * automobile industry will still be very harsh and challenging. Therefore, the company is considering closing five factories (most of which have less than 200 employees), reducing product categories and laying off 900 people, of which 700 employees are in Germany.
According to the latest financial report released by Schaeffler, the adjusted EBIT of the company decreased by 13% to 1.38 billion euros in 2018, and the revenue increased by 3.9%. The growth of Schaeffler automotive sector slowed down in the second half of 2018, mainly due to the weakening of market demand after the introduction of the new European emission standard wltp; The trade friction between China and the United States has also damaged the order demand in the Chinese market. In addition, Schaeffler is particularly impacted by the electrification of the automotive industry. Because unlike internal combustion engines, electric vehicles rarely use bearings.
Klaus Rosenfeld, chief executive of Schaeffler, said, "we hope to further reduce our dependence on internal combustion engines and make wider use of the opportunities brought by diversification and electrification. Although we started late in the field of electric vehicles, we are now trying to catch up."
On March 6 local time, Schaeffler announced a restructuring plan called race, which will cost 60 million euros in 2019. Rosenfeld described the restructuring plan as "accelerating at the same time as braking" because it aims to increase the company's profit by about 90 million euros in the initial stage, or increase the EBIT margin by 100 basis points. The company expects revenue to rise by 1-3 percentage points in 2019, and the EBIT margin excluding special items will reach 8% - 9%.
According to the latest financial report released by Schaeffler, the adjusted EBIT of the company decreased by 13% to 1.38 billion euros in 2018, and the revenue increased by 3.9%. The growth of Schaeffler automotive sector slowed down in the second half of 2018, mainly due to the weakening of market demand after the introduction of the new European emission standard wltp; The trade friction between China and the United States has also damaged the order demand in the Chinese market. In addition, Schaeffler is particularly impacted by the electrification of the automotive industry. Because unlike internal combustion engines, electric vehicles rarely use bearings.
Klaus Rosenfeld, chief executive of Schaeffler, said, "we hope to further reduce our dependence on internal combustion engines and make wider use of the opportunities brought by diversification and electrification. Although we started late in the field of electric vehicles, we are now trying to catch up."
On March 6 local time, Schaeffler announced a restructuring plan called race, which will cost 60 million euros in 2019. Rosenfeld described the restructuring plan as "accelerating at the same time as braking" because it aims to increase the company's profit by about 90 million euros in the initial stage, or increase the EBIT margin by 100 basis points. The company expects revenue to rise by 1-3 percentage points in 2019, and the EBIT margin excluding special items will reach 8% - 9%.
