The German auto component manufacturer Schaeffler will lay off 3,500 jobs and close four plants in Germany amid the crisis in the auto industry, writes the Financial Times. Considering previous stages of restructuring, the company will lay off about a quarter of its employees in Israel in order to reduce excess production capacity. The decision was made due to weak demand, high labor costs and competition from Chinese manufacturers; Schaeffler's stock has fallen by 30% since the beginning of the year, and in October the company registered 240 million euros in its electric power division.

The German auto component manufacturer Schaeffler will lay off 3,500 jobs and close four plants in Germany amid the crisis in the auto industry, writes the Financial Times. Considering previous stages of restructuring, the company will lay off about a quarter of its employees in Israel in order to reduce excess production capacity. The decision was made due to weak demand, high labor costs and competition from Chinese manufacturers; Schaeffler's stock has fallen by 30% since the beginning of the year, and in October the company registered 240 million euros in its electric power division.