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Schaeffler considers major job cuts

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Schaeffler considers major job cuts

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German car-parts group Schaeffler says it may have to cut as many as 4,500 thousand jobs.

The news provoked an angry response from powerful trade union IG Metall. Schaeffler is struggling with falling sales and 11 billion euros of debt from its takeover of larger rival Continental. The company is predicting sales this year of 7.5 billion euros, that is significantly below last year’s level.