Schaeffler Suspends Guidance for 2020

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.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.