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German car parts maker to shut UK sites, citing Brexit

AFP  |  London 

Schaeffler, a German maker of parts for cars and industrial products, announced Tuesday plans to shut two UK sites, with cited for axing up to a reported 500 jobs.

said in a statement that "uncertainty surrounding has brought forward" a decision to restructure globally.

"A global business needs to regularly review market conditions and strive to optimise its footprint across different regions," added Europe, Juergen Ziegler.

"The proposed measures we have taken for the UK reflect this business reality. However, we remain committed to keeping certain activities in the UK, a country that will continue to be important to us."

said the company proposes to close its sites in Llanelli, Wales, and in southwest England, and to relocate their production to the US, China, and

"The global footprint analysis focused on how best to structure the business in the UK based on various factors including economic conditions, supply and demand," the group added.

"It also took into account that only 15 per cent of the goods produces in the UK remain in the country, while the vast majority is exported to continental

"The uncertainty surrounding was one factor amongst others in the analysis of the UK market."

Schaeffler employs about 1,000 people across the UK, while its main site in Sheffield, northern England, will be retained and continue to assemble clutches for passenger cars and tractors.

The company has more than 92,000 staff worldwide.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 19:30 IST