Schaeffler to implement job cuts after Vitesco merger, paper reports

Schaeffler will implement job cuts as part of its merger with German EV components maker Vitesco, the company's CEO Klaus Rosenfeld told German business weekly WirtschaftsWoche.

"Of course there will also be personnel adjustments," Rosenfeld said, adding the number of jobs affected was unclear but would not run into a five-digit figure.

Schaeffler said it would acquire Vitesco in October last year, aiming to increase its product line of parts for electric vehicles.

Rosenfeld added he expected strong growth in the electric mobility business of the merged company, while foreseeing a tougher market environment in China.