New Delhi: The borad of management of the Germany based component maker, Schaeffler AG on Tuesday suspended guidance for the 2020 financial year for the Schaeffler Group and its divisions published on March 10 due to the worldwide spread of the corona crisis, the company said in a release.
The company said new guidance will be issued once the situation improves as in the current crisis neither the further course of developments nor the economic implications can be reliably estimated.
“The corona crisis is affecting all of us as well as the overall economy. 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.
As per the release, the measures designed to adjust capacities in Germany and Europe, particularly in the automotive sector due to the decline in demand is being implemented as agreed.
Additionally, the component maker said it will be introducing closure days, using hours in flexitime accounts, and plant holidays as well as new short-time work regulations that have been approved in response to the crisis.